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Intel’s woes wipe out $1 trillion of semiconductor market cap in one day — PC market bloodbath leaves few chip stocks unscathed: $1 trillion in semiconductor market capitalization wiped out. (www.tomshardware.com)
submitted 1 week ago by to c/technology@lemmy.world
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[–] -5 points 1 week ago (10 children)

^ Lemmy's understanding of economics right here. We're staring down the barrel of Great Depression 2.0 and the trigger finger tightened over the last three days. Lemmy's take:

"The stock market is gambling for rich people and nothing to do with the real world. The 'economy' and 'economic indicators' are for rich people and, being poor, I don't participate in the economy." Then goes on to bitch about how the economy is fucking them.

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  • [–] 10 points 1 week ago (2 children)

    Its still fantasy money. Sure the effects are real but unless the system is overhauled no one here is going to do anything about it. May as well laugh otherwise you're crying and ripping your hair out in a corner.

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  • [–] 3 points 6 days ago (1 child)

    So we agree? The effects from this bubble with be real to us on the ground?

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  • [–] 1 point 6 days ago

    Yeah, no one is saying they aren't but these "major" losses aren't. The top 1% of wealth owns over 50% of the market the bottom 50% owns less than 1%. To a vast majority stock losses aren't meaningful until it affects their job. We all know theres a bubble and just hope that there can be improvements after the pop.

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  • [–] 7 points 1 week ago (2 children)

    No, this is more like the 2008 financial crash, where the underlying problem was pervasive fraud and regulators turning a blind eye.

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  • [–] 3 points 1 week ago (1 child)

    Unfortunately not. This will be quite unlike the 2008 crash, or the 2000 dotcom bust. It is MUCH more serious than either of these two.

    The key difference is the leverage, there is a circle where the suppliers are highly borrowed, and their sales are to companies that are borrowing to buy it. This has a huge knock on effect as the companies in question are a massive slice of the key indexes which means everyone's pension/401k/super is invested in index funds as the "low risk" option - when the index tanks, the pension funds tank which means the general population are looking at massive drops in wealth. There's also a bunch of knock on effects

    What's worse is that the current Fed board are on record saying interest rates will go up to control inflation and they're not going to support the market ( a la 2008) which puts even more pressure on them. The current US govt has flagged in a million ways they are economically incompetent so don't expect any smart decisions there

    There is a very very real probability of "The greatest depression" or the the great depression 2 boogaloo.

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  • [–] 2 points 1 week ago

    But the stock market seems to have nothing to do wrih the "real" world anymore or we wouldn't have to be saying a k shaped economy. Used to be shit was bad for people stokes fell now we have had covid where they didn't happen and now.

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  • [–] 2 points 1 week ago (1 child)

    You are hundred per cent correct, sorry about all the down votes. This crash is looking like it's going to be a very ugly one. The modelling I've done suggests the closest fit is the oil crisis of the 70s, it could be worse than that though.

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