Prof G Markets Why a Doomsday AI Blog Wiped Out $300 Billion
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Feb 25, 2026 
Robert Armstrong, Financial Times US commentator on private credit and liquidity risks. Josh Brown, CEO of Ritholtz Wealth and market analyst on tech disruption. They dissect a viral Citrini Research AI blog that rattled software stocks. Conversation jumps to HALO stocks and why asset-heavy businesses gain favor. Then attention shifts to Blue Owl, private credit growth, and redemption and liquidity concerns.
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Markets React To Narrative More Than New Data
- Market panic over conjecture reflects investor anxiety, not new facts.
- Josh Brown calls the piece 'fascinating' but notes markets reprice massively on creative scenarios from non-practitioners.
New Tech Creates New Problems And Jobs
- Technology historically creates new problems and industries even as it removes old ones.
- Josh Brown argues businesses solve problems indefinitely; removing one friction creates other work and new demand.
Removing Constraints Expands Work
- Removing a worker constraint often expands the activity that worker enabled.
- Example: if AI lets a lawyer file unlimited paperwork, filings and counterwork will increase, not disappear.