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I am not attuned to this market environment and I don’t want to spoil a decent record by trying to play a game I don’t understand – Warren Buffett, Partnership Letter announcing the shutting down of his initial partnership, May 29, 1969

As we enter the Utopia to be ushered in by AI I find myself more and more disconnected from the market. Yesterday Elon Musk said that AI will end poverty, make us all wealthy without having to work (the robots will do that for us) and that currency will become irrelevant.

I can’t think of any world in which this could possibly be true except The Garden of Eden before The Fall or Marx’s Socialist Paradise in which men could fish in the morning and do literary criticism at night. Perhaps I’m a just a cynic who fails to appreciate the miracle that is AI but reality doesn’t work this way – and it never will.

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After the close Wednesday, Nvidia (NVDA) reported another stellar quarter. Revenue of $57 billion and a forecast for $65 billion in the current quarter are simply astounding. Three years ago NVDA had quarterly revenue of $6 billion. Clearly the people who control the big money in Tech are All In on AI.

NVDA shares are currently +5% in the premarket with the market just about to open. NASDAQ Futures are +2% and sentiment seems to be that NVDA’s report has saved the market – which has been in a correction the last couple weeks – and that we are now set up for a nice year end rally and continuation of the bull market in 2026.

Pay no attention to me as I have no clue what is going on…..

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