It was great to see the old crew at Yahoo! Finance. While boomers are worried about the price of oil, interest rates and inflation - it was clear the kids just want to know what's up with the tech rally, AI hyped stocks, and the banking crisis.
For those that were too young to remember, we saw a huge rally the summer of 2000 in names like QCOM ("it's down 70%, it can only go up, right?"). Those speculative stocks which were down over 50% rallied hard and some even doubled. Then reality set in and by the end of the year new lows where everywhere. It took some time. Is that happening now? Time will tell - but I'm not buying tech at a valuation higher versus the overall SP500 than we saw in the boom boom days of late 2021.
As for the whole AI thing - I'm out. Some of these companies are little known or just hype the "AI" moniker not unlike 23 years ago when firms would add ".com" to their names to get a quick pop in the stock price. I said that AI will be dominated by the big tech firms with the scale and money to develop it - we will see.
Regarding banking - we talked about what Jamie Diamond, CEO of JPM had to say. Turns out the banking titan thinks the only way to really make money doing mortgages or some consumer loans is to sell data on their clients to the highest bidder - wow, how the world has changed.