Meme Markets: Are You Not Entertained?
SNL Finally Relevant Again, Tech Stonks Deflating, but Meme Still Thriving, Tech Loves Bad Unemployment Numbers. Sorry, Bitcoin Ain't Green
If tech stonks (as represented by ARKK) are deflating, there’s one area of the euphoric market that soldiers on: meme assets like GME and crypto.
Dogecoin bulls are wylin’ in hopes that the joke/meme asset gets a shoutout or two from the self proclaimed “Dogefather” on SNL tonight…
What’s wild is that folks think SNL can generate more buzz/bullishness for their joke asset than Elon’s own Twitter account which arguably has more oomph in our social media driven zeitgeist. In fact, thanks to the Elon-Doge saga, this may be the most buzz SNL has generated post election.
Sorry, Crypto Ain’t ESG
In the Hall of Fame of ludicrous attempts at rationalizing one’s investment decisions comes this tweet:
Running a bunch of GPU cards to do intensive calculations generating heat which, in turn, requires powering fans (and usually air conditioning) is surely moving us toward “unblocking” nuclear power. Like chain-smoking moves one toward “unblocking” cancer therapy…
Of course, this is just riding the coattails of ARK’s chief space cadet, Cathie Wood:
One thing that we should always appreciate about bubbles and their participants: their sheer entertainment value.
So, while coal powered miner producer Nvidia is considered “ESG”, enjoy perusing this list of companies which failed to meet such “stringent” criteria:
Speaking of ESG, another sustainable contribution of crypto to our planet: a worldwide chip shortage…surely a good and productive use of our computing resources…
Tech Wants More Jobless
If there’s one saying that’s been true for markets in the past decade, it’s that “bad news is good news”. This is particularly true for technology stocks that thrive off persistently low rate environments. As we’ve highlighted, today tech is most vulnerable to rates rising.
The market’s response to the below expected jobs numbers on Friday indicates that everyone knows what tech valuations are really riding on. The conclusion to draw from this: when (not if) rates move up, we’ll all know the jig is up…