

2·
8 days agoProbably


Probably


So I wondered a bit how much it actually affects the economy.
“S&P 500” companies’ market cap is about 57 trillion dollars with a P/E ratio of about 30. So openai by itself is dragging down the total s&p 500 earnings by only about 0.5%. The bigger problem is that there are multiple companies like openAI, and a large chunk of the entire economy’s valuation is tied to the promise that all the AI companies will somehow become profitable sometime soon.
The actual number is closer to 9% than 99%. This is probably some kind of mutation from “the combined wealth of billionaires is larger than the GDP of 99% of countries” where notably yearly income and wealth are not directly comparable.
Better (and true) things to say are “The global top 1% have more wealth than the bottom 95% combined” or “The richest 0.01% in the US have tripled their wealth in the last 30 years, while 90% of people have been treading water”