Jun. 2 at 9:46 PM
$SPY ~ “But they also saw profits as inherently self-destructive, because profit opportunities like the 2025/26 “AI Boom” would encourage a "swarm-like" activity of other tech entrepreneurs. That competition would expand production, and simultaneously produce economic growth while eventually eroding excessive profits.” One can take the present S&P500 tech sector PE multiple of 45 in June 2026 at face-value only if one relies on the continuation of record profit margins forever.
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