5 November. AI next “Industrious” Revolution. Frankrike och ECB. FOMO. Nvidia minus 12.300 miljarder kronor.
Stockholmsbörsen gick visslande mot nya stängningsrekord på torsdagen.
Nvidia minus 12.300 miljarder kronor.
På torsdagen slog chipfrossan till på allvar på Wall Street. Giganter som Nvidia -5,29%, Micron och AMD skriver kursnedgångarna i mörkrött och i vissa fall med tvåsiffrig emfas.
Sedan 6 oktober och den senaste toppen i aktien har kursen fallit med 20 procent. Därmed har ett börsvärde motsvarande 12.300 miljarder gått upp i rök.
Det är nästan lika mycket som hela Stockholmsbörsen, som vid utgången av oktober värderades till 13.400 miljarder.
DI 5 november 2026, 16:19
https://www.di.se/live/nastan-en-stockholmsbors-upp-i-rok-i-chipjattens-ras/
Nasdaq 100 Falls 4%
https://www.bloomberg.com/news/articles/2026-11-04/stock-market-today-dow-s-p-live-updates
AI-frossan når nya nivåer: ”Brutalt”
“Cognitive mercantilists”; human intelligence needs to be defended from the excesses of AI, rather than set free by it.
Today, billions of people can access increasingly powerful AI at negligible cost. 49 per cent of Americans now use AI chatbots, one of the fastest uptakes of any technology in history.
“The cognitive mercantilist sees a world threatened by an oversupply of intelligence and an impending surplus of useless minds,”the technology writer Venkatesh Rao in a provocative new essay.
Cognitive Mercantilism
https://contraptions.venkateshrao.com/p/cognitive-mercantilism
Rao argues that AI will challenge today’s cognitive mercantilists much as the spinning jennies and steam engines of the Industrial Revolution challenged the mercantilists of the past, enabling a new class of innovators to emerge.
John Thornhill Financial Times 5 November 2026
https://www.ft.com/content/dd91306a-f3cf-43cc-baf2-9a9134fb92c4?syn-25a6b1a6=1
Astonishing midterm election results will not repeal the turn of business and financial cycles.
Other than the brief Covid shock of 2020, the economy has not experienced a recession since the financial crisis of 2007-09.
Lengthy upturns tempt politicians, policymakers, as well as businesses and consumers, to believe expansions can go on indefinitely.
Yet since the end of the second world war, the US has experienced 12 recessions, one roughly every seven years.
As asset prices surge, initial bouts of investor suspicion eventually are overtaken by the speculative fear of missing out.
Every bubble has its final FOMO phase.
Stephen Roach Financial Times 5 November 2026
https://www.ft.com/content/d21e2a87-191b-447d-b81b-edcf7bc2f007
The writer is a faculty member at Yale, formerly chair of Morgan Stanley Asia, and is the author of ‘Accidental Conflict: America, China, and the Clash of False Narratives’
More than 250,000 people had taken to the streets in almost 70 towns and cities by 13:00 (12:00 GMT) on Thursday, and that was "just the start", said Sophie Binet of the CGT union.
https://www.bbc.com/news/articles/ckx2qzv835pgo
Demonstrationer i Frankrike fortsätter – sammandrabbningar i Lyon
Flera franska fackförbund har utlyst en generalstrejk i hela landet under torsdagen. Demonstrationerna drog igång imorse och väntas växa under dagen. Förutom fackföreningar har även studenter och de så kalla ”gula västarna” gått ut på gatorna.
Under torsdagen väntas hundratusentals människor delta i bland annat Paris, Lyon och Marseille.
SvT 5 november 2026
https://www.svt.se/nyheter/utrikes/demonstrationer-i-frankrike-fortsatter-sammandrabbningar-i-lyon
If France is to avoid default, the European Central Bank will need to buy large amounts of its government’s bonds through the Transmission Protection Instrument.
But meeting this need—and preventing a potentially disastrous eurozone sovereign-debt-crisis—will require the ECB to waive its own rules.
The current selloff of French government bonds should surprise no one. Since the start of the year, the ten-year bond yield has risen from 3.2% to over 5%.
ECB Transmission Protection Instrument to buy unlimited amounts of French government bonds in the secondary market. The bad news is that the use of that instrument is subject to four criteria that France currently does not meet.
The ECB now faces a difficult choice. It can stick to the rules and refuse to bail out France until the French commit to a credible economic-adjustment program.
Alternatively, the ECB could waive its rules and, echoing “whatever it takes” to prevent French government-bond yields from blowing out.
This would dent the ECB’s credibility and complicate the task of meeting its inflation target. But it would spare Europe and the world economy from another, more painful European sovereign-debt crisis and, potentially, a eurozone breakup.
Desmond Lachman The American Enterprise Institute November 04, 2026
https://www.aei.org/commentary/the-ecb-must-bail-out-france/
Jovars, men statsfinanserna kanske är det mindre problemet. Om det franska kostnadsläget har blivit fel kan man välja mellan en extern devalvering. Den går fort, kanske på några minuter efter det att växelkursen släpps fri.
Eller en intern devalvering är extremt osolidarisk och orättvis, utöver att den tar flera år. Den interna devalvering går ut på att genom hög arbetslöshet tvinga fram en sänkning, en nominell sänkning, av lönerna, som arbetsgivarna försökte i Ådalen.
Eller i alla fall hålla löneökningstakten lägre än i övriga länder inom Euroland.
Nej, det är inte rättvist och det kastar in samhällena i konflikter som hotar att utlösa konvulsioner som drabbar de styrandes demokratiska legitimitet.
Inte bra, som Carl Bildt skulle säga, om han inte vore eurofanatiker.
Personer och ämnen
https://englundmacro.blogspot.com/search/label/Personer
Dagen innan
Fredshopp och valrally lyfte Wall Street
Dow Jones noterade sin bästa börsdag på ett och ett halvt år, samtidigt som börshumöret stärktes ytterligare av kraftigt fallande oljepriser.
https://englundmacro.blogspot.com/2026/11/4-november.html
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