It will go back up when Meta borrows from Amazon to buy capacity from Oracle who buys silicon from Broadcom to fund GPUs from nVidia to let OpenAI enhance their app to make Facebook posts.
I can't think of an industry[1] more deserving of being left high and dry and less able to garner public sympathy than NYC banking and we let them get a bailout.
But everyone hates CA, hates big tech, etc, etc, so maybe the political stars align and this will be the ones who finally set the "no bailout" precedent.
[1] Well actually I can now that I think about it and it's the beltway bandits but that's beside the point.
Chuck Prince from Citigroup. "When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing"
His explanation of the quote:
'"My belief then and my belief now is that one firm in this business cannot unilaterally withdraw from the business and maintain its ability to conduct business in the future,” Mr. Prince said."'
...
'"And if you are not engaged in business, people leave the institution, so it is impossible to say in my view to your bankers we are just not going to participate in the business in the next year or so until things become a little more rational," he said. "You can’t do that and expect to have any people left to conduct business in the future."'
