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나스닥이 AI 붐 억제 우려로 시가총액 2조 달러 이상을 잃으며 2020년 3월 이후 최악의 하루를 기록했다. 같은 날 발표된 고용 지표는 예상을 웃돌아 지난달 16만 5천 명이 추가됐다. 패널인 세스 해리스와 빌 코헨은 이번 급락을 거품을 식히는 긍정적 신호로 보는 시각을 제시했다. 최근 2년간 AI 분야 규제가 사실상 없었던 만큼 주 차원이나 의회 차원의 가드레일이 필요하며, 이를 통해 1987년이나 2008년 같은 절벽형 붕괴를 막을 수 있다는 논리다. 패널들은 데이터센터가 지역사회에 미치는 전력 요금, 물, 소음 문제를 지적하고, 개발 이익을 지역사회가 공유할 수 있도록 기업과 파트너십을 맺어야 한다고 강조했다. AI 성장 자체는 피할 수 없지만 통제되지 않은 밸류에이션과 월스트리트의 과열이 문제이며, 개인 투자자가 그 피해를 떠안는 구조를 경계했다. 고용은 견조하나 물가 상승으로 체감 생활비 부담은 여전하고, 연준의 금리 인상 가능성도 거론됐다.
다듬은 글
I want to get down to business The markets just opened after a historically brutal sell-off day yesterday. And wow, already down almost 500 in the last three minutes over fears that newly elected Democrats could curb the AI boom that led the Nasdaq to losing more than $2 trillion in market value. It was the Nasdaq's worst day since March of 2020.
Meanwhile, new data shows the U .S. has added 165 ,000 jobs last month, beating expectations. Joining me now is Seth Harris, former acting labor secretary under President Obama and former Wall Street banker turned journalist Bill Cohen. He's a founding partner at Puck News. Okay, Bill, how about this?
Day one, the markets are like great. We're going to respect the rule of law. We're going to get back to normalcy. Maybe we're going to end this war with Iran. Potentially tariffs are off the table and then day two, the markets completely fall out of bed in a state of panic over the idea that the A .I.
buildout is going to come to a screeching halt, specifically in places like Texas with the new governor, Ohio with a new governor, Georgia with the new governor. Stephanie, you may not be surprised by this, but I'm actually going to take a contrarian position on this. I think this is great. news for investors, for the market, for the financial community.
It's great news to let some of this air out of the balloon. I mean, the balloon has been inflating for at AT LEAST TWO YEARS, WE HAVE ZERO REGULATION. WE'VE HAD ZERO REGULATION UNDER TRUMP FOR AT LEAST THE LAST TWO YEARS. SO YOU'RE TALKING ABOUT SOME GUARDRAILS BEING PLACED AT THE STATE LEVEL, PERHAPS AT at the congressional level, this and some serious air being let out of the AI balloon.
I think this is great, long overdue. We should celebrate this. We should not get it all panicked. We need this because without this, You know, you have a fall off the cliff like it has happened so many times. It happened in 2008, happened in 1987. You don't want that. This is much healthier, much more normal.
This is exactly what we need to do, but it's up 200. Here's the thing around this narrative, Seth, the president quickly said you people did this to yourselves, they're going to BLAME THIS AND SAY RADICAL DEMOCRATS ARE ANTI-BUSINESS. BUT I SAW GOVERNOR-ELECT IN AN INTERVIEW YESTERDAY WHO VERY CLEARLY SAID TEXAS IS PRO-BUSINESS, IT HAS ALWAYS BEEN PRO-BUSINESS.
WHAT WE'RE LOOKING FOR NOW IS PARTNERSHIP. WE WANT TO BE SURE IT'S NOT JUST THESE COMPANIES THAT ARE RUNNING AWAY WITH IT, ESPECIALLY BECAUSE SO MANY OF THESE DATA CENTERS ARE BUILT IN WHERE THERE ARE NO RULES AND REGULATIONS TO PROTECT THOSE COMMUNITIES. SO THE ANSWER TO BILL'S POINT IS YES, THERE IS SOME PAIN RIGHT NOW AND THAT PAIN FEELS EXTREME, WHICH MAY BE JUSTIFIED given how far some of these tech stocks have run.
But where we end up here could be in a better, more thoughtful, responsible place because all of us can remember what the subprime crisis was like. I think you're exactly right, Steph. The American people voted to stop tech bros from running roughshod over communities all across America. That's why they They elected Gina Hinojosa.
That's why they defeated Joel Lombardo in Nevada. That's why they defeated Vivek Ramaswamy in Ohio, among other reasons. They want their communities to benefit from any economic development that occurs, they don't want to just be handing over their resources to billionaires and corporations. So what they want is a dialogue.
They want some protections. They want to make sure that their energy rates are not going to be driven up, that their water is safe, that they're not going to have sound problems, noise problems in their communities, and that there are going to be jobs, and that the communities are going to benefit. So I I agree.
I think that in the states where we have new Democratic governors, there are five of them. In the states where we have new Democratic trifectas, there are five of those. Where-in the states where we have Republican trifectas, they got broken up. There are five of those. We are now going to see action to empower communities in their dealings with these tech bros who are trying to build data centers and communities that just have had no power for a very long period of time.
Then how do we balance the two? Because the president is going to say, you suckers, you didn't want to pay another 50 cents for gas so you voted us out and now look your 401k just wiped out. And while Bill, most people aren't day trading day in and day out, 62 % of Americans do have some level of exposure to the stock market.
So how do you balance the two? How do you support the growth of AI which is the future without impeding it? Stephanie, it's just a matter of valuation and excessive valuation. Thank you. Okay, nobody's saying AI shouldn't occur. AI is inevitable, as your last panel pointed out correctly. It's here. It's not going anywhere, just like the Internet wasn't going anywhere and wireless communication wasn't going anywhere.
And it's actually in many ways enhanced our lives. It's just a question of out-of-control valuations and Wall Street hype. We don't need Anthropic being valued at $1 .5 trillion. We don't need SpaceX and Tesla merging in some sort of multi-trillion dollar conglomeration. What we need is investors to cool off, take a beat, relax, let air out of this balloon, because it's inevitable that the retail investors get hosed by these crazy valuations.
The institutional investors make a killing. The Wall Street firms make a killing. Let's get back to some sense of rationality. And I think that's what this is all about. And, by the way, we don't need private equity and private credit going into people's 401k, which was the next on the Trump agenda.
I think we finally have some guardrails, which is very healthy. I mean, I'm not saying I love that Elizabeth Warren is going to be head of the Senate Banking Committee, but we're overdue for guardrails. And finally, we're going to get some. All right. Let's talk about that. Somebody lost their audio.
I don't know if it's Seth or Bill, but I'm going to ask, Seth, can you hear INFLATION, THEY KIND OF HAVE THE ABILITY TO, WITHOUT HURTING THE LABOR PICTURE. BUT WHAT DOES THIS TELL US? THE FACT THAT jobs are strong in this country, but the American people are still suffering. Does this tell us this is all about affordability?
Even though I've got a job to go to, it's not paying me enough to comfortably put gas in my car and take my partner out to dinner on a Friday? Yeah, it's a good jobs report, but there's still some cause for concern. So if you look at the wages number, we saw a slight acceleration in the in wages going up.
But still, wages are not going up fast enough to keep up with prices, right? Prices are increasing at still a very, very high rate. That's why you're talking about the Fed. The odds that the Fed bump up interest rates in December, I think, have gone way, way up now because of this report. But the American people are still suffering when they go to fill up their car with gas or if they go to the grocery store and that was a big part of why we had this ethical election on Tuesday where the Republicans got thrown out of basically every office from dog catcher to senator.
So I think that we still have a lot of discomfort, a lot of unhappiness among the American people and until their wages are rising fast enough and we sustain this jobs growth over an extended period of time so that people can get even better wage increases by quitting their jobs and finding better jobs, I think we're still going to have a lot of discontent.
Now the Democrats can do a lot to help that when they take over Congress. I think a hundred days plan that raises the minimum wage, that ends the war, that brings down oil prices, that maybe brings back, takes back some of the profits that the oil companies have made over the course of the last nine months, and puts that to use investing in middle class and working class programs.
I think that Democrats can make a difference here and show that government works for working to even look at you. The market may be down, but your hair, my brother, is sky high. Can I add one point before we go quickly? Just, I know Seth is probably better. Seth is probably better answer than But look at Microsoft for just a minute, okay?
$3 or $4 trillion company, $35 billion of quarterly profits and asking for a quarter of their workforce, 60 ,000 people, to resign or to leave or to get payouts, something is wacky there. So you can't have both.
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