We are facing World War III, a global energy crisis, a global fertilizer crisis, a global food crisis, a global cost of living crisis, widespread rioting in Europe and a Super El Niño all at the same time. On top of everything else, now the stock market is crashing. Since the market peaked on October 6th, the losses that we have witnessed over the past month have been absolutely staggering. Of course “Black Thursday” was the worst day of this crash so far. There was just mass carnage everywhere. Children should not be allowed to look at the numbers that I am about to share with you because they are so horrifying. I say that in jest, but honestly we haven’t seen anything quite like this in a very long time.The AI bubble has been artificially propping up the stock market throughout this entire year.
Now the AI bubble has burst.
Once you have finished this article, I don’t think that you will have any doubts about this.
The Dow Jones Industrial Average was down 1,833 points on Thursday, which was the sixth largest single day point drop in history.
But the carnage was even worse for the S&P 500 and the Nasdaq.
During the stock market sell off on Thursday, companies in the S&P 500 lost $2.9 trillion in market capitalization and companies in the Nasdaq Composite lost $2.5 trillion in market capitalization.
That was an all-time single day record for both indexes.
18 years ago on November 5th, 2008 the Nasdaq closed at 1,681.64.
On Thursday alone, the Nasdaq lost 1,421 points.
It really was “Black Thursday” for stock market investors.
When the market opened, the entire post-election rally was wiped out in 40 minutes…
Just like that, all of the huge gains that were made yesterday were gone.
In one hour, 2.5 trillion dollars in stock market wealth had been erased…
It was one of the worst hours in the entire history of the stock market.
Chip manufacturers were hit particularly hard…
As the AI bubble inflated, chip manufacturing stocks soared to unprecedented heights.
Now they are going down a lot faster than they went up.
Since October 13th, the value of Intel stock has nearly been cut in half…
What we have witnessed over the past month has truly been unprecedented.
We were warned that the AI bubble would burst, and that time has arrived.
Overall, the value of AI stocks has now fallen by more than 13 trillion dollars…
The results of the midterm elections were not good for the AI industry at all.
Democrats were elected to important state and local positions all over the nation, and the AI industry lost 40 out of 41 local ballot measures…
People don’t want AI data centers in their communities.
In Trenton, Ohio a proposal to ban AI data centers was approved by 80 percent of the voters…
One of the reasons why Amy Acton will be the next governor of Ohio is because she spoke out against the construction of more AI data centers, and anti-AI candidates were swept to victory in many other states as well…
This is really bad for the AI industry.
How are they going to build more data centers if they can’t find anywhere to build them?
Approximately one-fourth of all new data center construction was supposed to happen in Texas, but Gina Hinojosa is proposing a moratorium on new data centers…
A lot of data center projects are going to get canceled.
Others will be delayed for years.
In other words, the AI industry just slammed into a wall.
That is really bad news for those that are holding stocks.
At this point, close to half of all financial wealth in the United States is in the stock market…
If you had money in the stock market, hopefully you were able to get out in time.
Needless to say, Elon Musk is poised to lose more than anyone else.
In fact, he has already seen the value of his stocks fall by 152 billion dollars since the midterm elections…
Can you imagine losing 152 billion dollars in less than 48 hours?
The AI industry is in huge trouble.
All over the nation, Democrats are going to be passing all sorts of anti-AI measures on the state and local levels.
Meanwhile, those that were once willing to fund AI projects will now be far more stingy with their money.
This is not going to end well, and the boom years on Wall Street have just come to a very abrupt halt.
Michael’s new book entitled “10 Prophetic Events That Are Coming Next” is available in paperback and for the Kindle on Amazon.com, and you can subscribe to his Substack newsletter at michaeltsnyder.substack.com.
About the Author: Michael Snyder’s new book entitled “10 Prophetic Events That Are Coming Next” is available in paperback and for the Kindle on Amazon.com. He has also written nine other books that are available on Amazon.com including “Chaos”, “End Times”, “7 Year Apocalypse”, “Lost Prophecies Of The Future Of America”, “The Beginning Of The End”, and “Living A Life That Really Matters”. When you purchase any of Michael’s books you help to support the work that he is doing. You can also get his articles by email as soon as he publishes them by subscribing to his Substack newsletter. Michael has published thousands of articles on The Economic Collapse Blog, End Of The American Dream and The Most Important News, and he always freely and happily allows others to republish those articles on their own websites. These are such troubled times, and people need hope. John 3:16 tells us about the hope that God has given us through Jesus Christ: “For God so loved the world, that he gave his only begotten Son, that whosoever believeth in him should not perish, but have everlasting life.” If you have not already done so, we strongly urge you to invite Jesus Christ to be your Lord and Savior today.
The post “Black Thursday”: On Top Of Everything Else, Now The Stock Market Is Crashing appeared first on The Economic Collapse.
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