Good morning. On Tuesday I asked readers if they could name examples of non-finance companies that had diversified into finance successfully. One reader bravely defended the record of GE Capital, despite its bad end. Others stuck up for the automakers’ big captive finance operations. Several noted that Starbucks basically takes billions in deposits in the form of payments for gift cards. Others looked abroad, to the big payment businesses built by Alibaba and Safaricom.
Another 25 per cent of the gains come from the fab five, which all, to a greater or lesser extent, have risen on the promise of the same technology that has boosted Nvidia and the semiconductor companies. Some 56 per cent of the market’s gains are linked to AI, then. What happens if the market, collectively, decides that there is less profit in the AI business than is currently priced in? The reassuring thing is that, taking all of these companies out, the rest of the market has done very well.
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