And just like that—surprise!—one AI company bails out another AI company's grift. Google agreeing to rent compute from xAI (cough, "SpaceX") magically makes them eligible for inclusion in the S&P500.
Americans, they are looting your life savings, the ones you earned through labour that they are gleefully replacing. Your descendants will never have the chance you had.
https://techcrunch.com/2026/06/05/google-will-pay-spacex-920m-per-month-for-compute/
@raganwald Aw crud, guess I should transfer the last of my employee stock. The corruption of the stock index criteria is absolutely a grab on everyone's conservative retirement stock funds. It wasn't enough to let people choose risky mixes in their investments and to inflate the market generally with pension savings.
Check kiting via circular investment wasn't enough.
@jmeowmeow Also, if any of them had an ironclad business model, they'd gleefully allow their "competitors" to flame out and fail.
That they are supporting each other tells us that they know that if one fails before they all offload the junk onto the public, there will be a run on all their stocks.
@jmeowmeow I think the idea is that since it's a passive fund, they aren't incentivized to make money for the fund, nor penalized for losing money for the fund. Their job is simply to keep it properly balanced and collect low fees for their trouble.
I may have an overly simplistic view of passive funds.
Reginald
Jeff Miller (orange hatband)
The Doctor