The article also calls out copper which will be in PCBs and wiring looms.

I think that’s a good observation.

Part of the problem is that all the while the stock prices stay up, those companies in the second bubble have the spending power of governments, and that in-turn inflates the first bubble.

Aye, and with all the money consolidated in a few big tech companies they’ve basically been able to form their own “oligarchy funded project” and act independently of any government.

An economy all their own.

No, but the companies using it should.

The stat that’s going around at the moment is that 30% if the GDP is transactions between the “Magnificent 7”. That one is fair because it’s economic activity.

The underlying economy is in recession with the AI frosting on top pushing it to break even levels.