People keep correctly pointing out that it's a meme stock but honestly I think the entire stock market is bloated with so much money the real economic currents barely show up.
Corey Doctorow recently gave a speech where he pointed out that the "Magnificent Seven" (Apple, Microsoft, Nvidia, Amazon, Alphabet/Google, Meta, and Tesla) account for 1/3 of the valuation of the US stock market, and when the AI bubble pops ...
EDIT:
The only thing (I said) that we can do about this is to puncture the AI bubble as soon as possible, to halt this before it progresses any further and to head off the accumulation of social and economic debt. To do that, we have to take aim at the material basis for the AI bubble (creating a growth story by claiming that defective AI can do your job).
"OK," the young man said, "but what can we do about the crash?" He was clearly very worried.
"I don't think there's anything we can do about that. I think it's already locked in. I mean, maybe if we had a different government, they'd fund a jobs guarantee to pull us out of it, but I don't think Trump'll do that, so –"
"But what can we do?"
We went through a few rounds of this, with this poor kid just repeating the same question in different tones of voice, like an acting coach demonstrating the five stages of grieving using nothing but inflection. It was an uncomfortable moment, and there was some decidedly nervous chuckling around the room as we pondered the coming AI (economic) apocalypse, and the fate of this kid graduating with mid-six-figure debts into an economy of ashes and rubble.
https://pluralistic.net/2025/09/27/econopocalypse/