Matt Levine’s Money Stuff: No SpaceX in the S&P

Universal basic AI stocks

One view of the artificial intelligence boom is that AI will replace all of human economic endeavor. Robots will make the stuff, and robots will manage the factories that make the stuff, and robots will set corporate strategy about what stuff to make, and robots will run the hedge funds that allocate capital to the companies whose robots make the stuff, etc., just robots all the way down. All of the corporate profits that used to go to companies that did stuff — manufacturing, retailing, consulting, whatever — will in the future go to the meta-companies that ...