Tesla, Alphabet lose hundreds of billions in value in post-earnings stock plunge
www.cnbc.com
Both Tesla and Alphabet signaled higher spending as they invest in artificial intelligence.
  • Thorry@feddit.org
    7·
    2 days ago

    Can someone explain the whole Tesla stock to me besides meme stock and all of the fraud?

    Like the sales pitch for the last 5 years or so hasn’t been about cars (as they never lived up to the hype in that department and are rapidly being overtaken by Chinese companies, plus whatever the fuck the Cybertruck was). So they said with the self driving they developed an AI based system that can take sensory input, translate it to a world model and then act upon that model. And because magic is real, this system meant for self driving (which fails at self driving) will somehow translate to robots being real. They kinda skip over the part where they think if they can make shitty cars, they can also make shitty robots, which isn’t even in the same area code of abilities but fine. So investors bought Elons ketamine based ramblings and the stock went up.

    But then Musk folded Twitter into SpaceX, along with XAi and applied some more bribes and fraud to get rid of a lot of debt built up in these companies. Mostly private investors, aka idiots bought the stock, which has since dropped 50% from the high point leaving them holding the bag. But why didn’t the Tesla stock plummet at the moment the IPO for SpaceX was announced? Like is the focus for AI now SpaceX? Is XAi a direct competitor to the Tesla AI business? XAi is shouting they need huge datacenters to run their AI. But Tesla said they can run all the AI needed locally, which is required for low latency tasks such as driving or being a robot. How can both be true?

    Or should I just accept the world has gone absolutely crazy and everyone is just shoveling money into the big fire pit? As soon as they admit they have been shoveling money into the fire pit, the whole world crashes. So perhaps it’s better to keep on shoveling?

    • tempest@lemmy.ca
      10·
      2 days ago

      Tesla stock is just speculation at this point and has been for a while. It’s entirely disconnected from the company and its performance. You could compare it to bit coin which also has no real use except speculation.

      • ButtermilkBiscuit@feddit.nl
        5·
        2 days ago

        Bitcoin has plenty of uses. Drugs, money laundering, sanctions avoidance, tax avoidance, source washing, cyber crime, ransom, etc etc etc. at least Bitcoin is useful.