One Guy's Blog Post About AI Just Crashed the Entire Stock Market
A small research firm published a 'doomsday scenario' on Substack about AI agents destroying the economy. Wall Street panicked so hard the S&P dropped over 1% and software stocks cratered.
Here's something wild: a little-known research firm called Citrini Research published an article on Substack -- basically a blog post -- laying out a nightmare scenario where AI agents take over the economy by 2028. Unemployment hits 10%, there's an 'Occupy Silicon Valley' movement outside OpenAI's offices, and the whole financial system spirals out of control.
The kicker? Wall Street actually freaked out about it.
The S&P 500 dropped more than 1% on Monday. Software stocks got absolutely hammered, with companies like Datadog, CrowdStrike, and Zscaler each falling more than 9%. Even companies specifically named in the report like Uber, American Express, and DoorDash lost between 4% and 6%.
The report describes a world where AI agents get so good at doing jobs that they start replacing entire categories of workers. Software companies collapse because AI can write code for pennies. That ripples into the housing market, private credit, and beyond.
One analyst called it 'real doomsday porn stuff' but admitted it's 'a bit of a wake-up call that the economy already no longer resembles the one just a few years ago.'
The wildest part? Citrini literally called it 'a scenario, not a prediction.' Didn't matter. The market tanked anyway. As reported by The Guardian.
Source: The Guardian
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