Did AI save the market from a recession in early 2023 or did it just delay the inevitable?
If any of you remember, all people were talking about was the incoming recession in 2023. The market was down like 25% at the end of 2022, there was fear every single day here. People were screaming about shorting SPY down to 300. The 10 year yield had an inverted curve, which is suppose to almost guarantee a recession. We had negative GDP growth for two quarters but for some reason, it was not listed as a recession.
Everyone thought 2023 was going to be even worse. Then this nifty little tool called ChatGPT became mainstream and saved the world. I remember people posting “I asked chatGPT X” threads on Reddit at the end of 2022 and everyone being absolutely perplexed. Stocks like $NVDA started blasting off to orbit around spring 2023. Everyone forgot about the 'recession' and started pouring money into equities again to hop on the newest innovation.
Do you think AI simply delayed what was inevitable?