AI concept stocks plunge and data center proposals rejected
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An author who has long warned of an AI bubble says his judgment has been vindicated: Oracle's stock fell from $265 to $114 (-56%), CoreWeave from $138 to $42, and NASDAQ market value evaporated by $2 trillion in October. These are market data cited in his article, not independently verified conclusions. The same report states that 40 of the 41 data center proposals voted on Tuesday were rejected, with anti-AI candidates winning across the board. The article concludes from this that the AI business model has collapsed, and calls on the industry to be transparent, optional, legal, environmentally friendly, and safe, or else face government intervention.
AI overview based on source reports · Updated 12 hr ago
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- Hacker News AIThe AI Business Model Just Collapsed
The author recounts past warnings about AI-related stocks and a public backlash, citing declines in Meta, Oracle and CoreWeave shares and saying 40 of 41 data center initiatives on a ballot went against AI. He argues tech companies should adopt transparency, opt-in choice, legality, environmental respect and safety, and lists requests to Spotify, Google, Microsoft, Amazon, social media CEOs and cultural institutions. He states he is not offering investment advice and frames his focus as society and human flourishing.
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