Crash in Progress? AI Bubble, Tesla & SpaceX Stocks

**Sam Altman** (0:00)
Well, we need to explain to the world, number one, we are close to creating a genie that can grant any wish.

**Chris Norlund** (0:04)
The AI stock sell-off deepens as investors dump chip makers. Chip route deepens on circular funding. China competition fears.

**SPEAKER_3** (0:17)
It appears that memory investors are beginning to lose their grip on reality.

**John Johnston** (0:22)
Crash in progress, look out below. Hi everyone, JJ here, welcome back. Well, is the AI bubble starting to burst? Is it unwinding? We're going to have a look at quite a lot of things today to suggest that it might be, or is it just a bit of a correction and then up again? We'll have a look at that. There's a lot of things to look at right now. A lot going on, as you might be aware. First, we're going to have a look at this video from Chris Norlund today. South Korea's AI bubble just crashed. So I've made one video on this. The COSPI index in South Korea has been going down after a massive run up. And there are AI related companies in South Korea. There's been a lot of speculation going on. And we're also going to have a look at this. If you don't know what CXMT is, a Chinese company that's just taken off related to AI. And this is from ProfgMarkets. The video is China is undercutting America's AI giant. So that's the current worry at the moment. We'll see how that relates. And also this from Ed Citron, who retweets this video about Sam Altman. Sam Altman saying, we are close to creating a genie that can grant any wish. And Ed says, you'd be familiar with Ed if you watch my pod. Today, we're into the phase where he's just promising magic. And we have this video here too, crash in progress. Look out below. So this is Gordon Johnson, who's taken a lot of flak over the years for saying that Tesla isn't worth what it is and putting a low price target on it. And we've got George Noble, who has been calling out SpaceX and Tesla and what's going on in the market. He's pretty happy about what's going on because we've been shorting it and doing very well lately.
And he's been around the stock market for decades. So that's what we're going to look at today. All that stuff. I'm just going to go ahead and play this clip because this relates how we hit peak AI when Sam Altman is saying this. And keep in mind that they're getting pretty desperate. OpenAI, they have just got so much funding to get, or so much revenue to make. And this is getting bigger and bigger in terms of really the financing they need and the revenue they need. So massive promises going on. Let's see what Sam says here.

**Sam Altman** (2:45)
Well, we need to explain to the world. Number one, we are close to creating a genie that can grant any wish. Number two, we are going to make sure that our first wishes broadly benefit humanity and that we kind of get the world to a place where a lot more people get to have a lot more wishes. And number three, the space of what you can wish for is incredibly big and creative and it'll be quite exciting to like figure that out with real sort of human values and preferences.
But I think there's a fourth thing too, which is exactly that. You start making these wishes, the computer grants them, and then you're like, I didn't think that was going to work.

**Chris Norlund** (3:24)
Yeah.

**Sam Altman** (3:25)
What now?

**John Johnston** (3:25)
So let's get back to what Chris says here, an update on what's going on in South Korea, which is pretty interesting. Yeah, if you didn't know, there's been a lot of speculation going on in the market related to the memory companies there and just speculation in general related to AI.

**Chris Norlund** (3:42)
These are the headlines, AI stock sell-off deepens as investors dump chip makers. And this is the question we're having basically, market crash here in Korea. That's where I'm at. How bad will this get in the USA?

**John Johnston** (3:54)
We'll have a look at the index and some stocks related to this in a minute.

**Chris Norlund** (3:58)
A stock market today, chip stocks under pressure as AI worries push investors to other sectors. Remember, we're also talking about circular financing and such, and then you got chip route deepens on circular funding, China competition fears. Okay, so let's take a look at what people are saying and it's actually quite whacked out. You got to see it for yourself.