The Tesla bubble bursts & ChatGPT takes our jobs

We're back after a hiatus worthy of European aristocracy!

Tesla, the last great hope of technology optimists everywhere, has at last succumbed to the Great Duration Bubble. From incomprehensible over-valuation to soul crushing underperformance, the likes of Crypto, the ARK innovation fund, Meta and now Tesla have all been deflated in their turn. And why? The Federal Reserve. Once the sponsor of the greatest financial binge in modern history, now the author of the most bloodthirsty tightening cycle in the last 50 years. 

But there is still a case for Elon Musk's beleaguered automaker / robotmaker. Because in the end few companies possess its engineering prowess and its formidable capabilities in Artificial Intelligence. 

With that in mind we asked ChatGPT to explain what drove the speculative technology bubble of 2001 (below). Swap out the word "internet" here for any of the high technology assets of the last boom-and-bust, and we have a perfect encapsulation of this moment. Needless to say ChatGPT will take our jobs sooner or later. 

The tech bubble of 2001, also known as the dot-com bubble, was driven by a combination of factors, including:

1. The widespread belief that the internet was revolutionizing the way businesses operated and that investing in internet-based companies was a sure way to make money.
2. The availability of venture capital, which enabled many start-ups to get off the ground and go public, even if they had no profits or viable business models.
3. The abundance of "irrational exuberance," or overoptimism, about the potential for internet-based companies to generate profits.
4. The low interest rates at the time, which made it easy for people to borrow money and invest in the stock market.
5. The lack of regulatory oversight, which allowed many internet companies to go public with little or no financial disclosure.