Gary Marcus amplifies AI bubble critique as hedge funds log widest daily drawdown since Covid

GaryMarcus · x · 2026-10-24

Gary Marcus reposted @revcap's critique that the entire economy has bet on a technology "no one wants, needs, or has a path to using" — arguing current models can't replace labor, more complex models are uncontrollable, and one rate hike could pop the bubble.

The attached screenshot is a Bloomberg summary: per Goldman Sachs' prime brokerage, global hedge funds suffered their broadest daily decline since Covid after Thursday's selloff, with fundamental long/short managers down 1.4% and telecom/media/tech-focused funds down 2.7% on average; over two-thirds of funds finished the day in the red.

Related event: Hedge Funds Suffer Worst Daily Drawdown Since Pandemic as AI Bets Questioned(2 posts)→

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