The ‘wealth effect’ took a savage hit last week, with more than a trillion dollars of deflation coming from just one stock, Nvidia. That works out to nearly $400 million per tryst for the company’s formerly exalted founder and now ex-CEO, Jensen Huang. It’s possible that in the coming weeks, the cost per dalliance will come down to something more reasonable, since only three women have stepped forward so far to claim carnal knowledge of Huang. Before this sordid saga ends, Tiger Woods and even Jeff Bezos may yet think their respective divorce settlements were a relative bargain. The latter’s ex, MacKenzie Scott, got a 4% stake in Amazon worth around $35 billion at the time, and she has been giving it away ever since, John Beresford Tipton-style, to unexpecting recipients with desperate charity-needs. Even so, because of price appreciation in Amazon shares, Ms. Scott is probably wealthier now than on the day she became a major AMZN shareholder.
The stock market was its usual, wacky self as the week wore on, with the up-and-down histrionics of chip stocks dominating the nuttiness. Looming in the background was the weird prediction by a gallimaufry of seers that massive outages would soon bring America to a catastrophic halt. I was quite skeptical about this when someone brought some unsettling details into the Rick’s Picks chat room, and I even offered a $1000 bet that no such outage would occur, The worst of it supposedly was scheduled to hit on November 17, but we’ll just have to wait and see. I can’t recall any predictions of a major disaster every having come to pass, and so I am still skeptical that Armageddon is nigh. However, I must concede that brief outages affecting airline passengers over the weekend, and some Microsoft subscribers last week, have somewhat altered the betting odds.
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