The US stock market has taken a massive hit as AI has knocked out upwards of $5 Trillion (£3.73 Trillion) since October 6th from major companies, including Apple, Google, Nvidia, Amazon and many other companies in the world.
Nvidia and Alphabet, Google’s parent company were the companies taking the worst losses, being -$834 Billion (£621B), with many major businesses including SpaceX, Meta, Intel, AMD and more losing upwards of $505 Billion to $236 Billion, (£175B-£376B) Respectively.
This has come after recent news on China’s AI stock crashing, as there has been a very sharp 40% dive regarding China’s AI over the past 4 months,
Correlation to around a $480 Billion, (£357B) loss in market wealth.
There has been heavy celebration worldwide, as AI has very harsh benefits all-around the world, and people have been questioning if there is a point to using AI based tools as there’s consequences all over the world due to this.
AI has been a very controversial subject as of late, as it can cause a lot of harm to the environment, security and the risk that human jobs could be extinct. A lot of websites without knowing could be using your data to train their systems, and games have been more regularly using AI to the point where it feels harder and harder to find unique work that doesn’t involve AI.
Although this has been celebrated lately, there has been major concerns about a financial crash happening due to this. Many companies have been gambling Billions and Upwards of Trillions on AI, where technology companies must continually upgrade their systems as more powerful chips become available, creating a very expensive cycle where yesterday’s investment could become obsolete before it has generated an adequate return.
Do you have any concerns of AI? Do you believe it will still be the future? Please put your comments below!
| [donate]
| Help keep news FREE for our readersSupporting your local community newspaper/online news outlet is crucial now more than ever. If you believe in independent journalism,then consider making a valuable contribution by making a one-time or monthly donation. We operate in rural areas where providing unbiased news can be challenging. |
