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The plot thickens

The chart below summarizes the world equity markets. With the help of the ETFs and Index funds, this is basically all you need to look at. All chips are placed on AI, and the rest of the market seems to be tagged as irrelevant. Yesterday, we got the news that NVDA not only became the biggest company in the world by market cap (not by revenue or earnings) but it’s now bigger than the whole London stock exchange. That brings to mind that instance in the late 80’s where Japan imperial place (.44 sqr mile) was worth more than the whole state of California. We’re currently waiting for the part of the movie where the plot thickens: how much and for how long can irrational behavior continue, and how painful will it be when it unfolds.

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