By Jeffrey A. Newman Esq.
According to news reports of Securities and Exchange Commission filings, Michael Burry, who shorted the US housing market before its collapse in 2008, has bet over $1 billion that the stock share prices of artifical intelligence chip maker Nvidia and software company Palantis will tank heavily. He seems to suggests that the AI sector has grown into a massive bubble and will crash and he’s betting on it. Yet as, CNN pointed out that Burry’s track record is not perfect. He called in January 2023 to sell Tweet which ended uo surging 21 percent between December 2022 and March 2023. In addition, Nvidia has recently reported to entering heavily into the quantum computing arena, which enormous potential. This may alow Nvidia to build its new nest for the future and it has a lot of talented thinkers behind it who strengthen the foundation of that company. Quantum computing has a broader potential than AI, in my opinion even though AI is, surging now.
Here is the riddle as I see it. AI has developed so quickly and has so many potential near term benefits to business, that it is hard to figure out what it all means at this point-for the long run. Obviously AI has some negatives, such as a loss of jobs, but I’m not figuring that it in this exploration. Quantum computing, like some huge Manhattan Project is taking a long time to develop, in terms of its entry into our social fabric. So did the atomic bomb. Quantum Computing has yet to be tested significantly in terms of what exactly it can do now or what it will do sooner. Its all still hitting the wall of our theoretical understandings. QC needs more time to develop. Even its creators aren’t sure that it all means but it has a natural gravitas and they seem to know it is important. The economists don’t know because it isn’t an economic issue yet. The politicians know that it has to be a priority because whomever develops it first can at least use it to protect the financial encryptions but if you ask what it is they don’t know. I can’t even figure out who should know.
Jeffrey Newman is a whistleblower lawyer, whose law firm represents whistleblowers revealing violations of export controls, tariff evasions, money laundering, healthcare fraud and other kinds of WB cases. The firm represents individuals both in the United States and other countries. Mr. Newman and his firm also represent physicians and other healthcare providers who become whistleblowers in healthcare fraud cases. Whistleblower laws in the U.S. allow individuals anywhere with information about export control violations or tariff fraud to reveal the information under The False Claims act or through the Securities and Exchange Commission’s Whistleblower Program. The Firm’s website is at www.JeffNewmanLaw.com and attorney Newman can be reached at Jeff@Jeffnewmanlaw.com or at 978-880-4758
