Big Tech Megacaps Now Seen as 'National Plague' Over
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- Big Tech megacaps (Amazon, Alphabet, Microsoft, Meta, Apple) — the 'golden geese' that powered S&P 500 returns — are now viewed as a 'national plague' because of their data-center space-race buildouts, with the author arguing politicians, populist groups, and even potential allies are aligned against them.
- Apple's Advanced Manufacturing Fund and Meta's America's Workforce Academy — domestic-investment gestures the column praises — are being ignored because, in the author's view, 'nobody cares at all what they do' anymore and even free candy on Wall and Broad wouldn't be taken.
- The narrative collapse combines two conflated anxieties — a blue-collar worker shortage caused by generations of devaluing trades or offshoring, and white-collar fear of AI displacement — which the author likens to 'Pennywise the Dancing Clown,' a fear worse than the actual threat.
- The SpaceX IPO on June 12 fell from roughly $200 to about $153 as retail memestock money couldn't sustain its two-day hijack of a deal too large to control, demonstrating that Musk-dedicated capital pools remain isolated and don't flow to the data-center 'golden geese.'
- OpenAI (with ChatGPT) and Anthropic (with Claude) emerged as trillion-dollar players outside the elite megacap group, with Microsoft's OpenAI stake and the multiple backers' Anthropic stakes treated as investments 'geared toward' the Anthropic IPO and, to a lesser extent, the OpenAI IPO.
Why it matters: The megacap data-center trade that powered S&P 500 returns is breaking down on three fronts simultaneously — political backlash, blue- and white-collar anxiety, and competition from AI upstarts the megacaps themselves funded. Cramer's contention that Big Tech's OpenAI and Anthropic stakes are 'geared toward' those startups' IPOs means the incumbents may be financing the vehicles that eventually repricing their own core franchises.
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