The AI Scare Trade
Latest Processing Gap
The gap: no one is processing what it means for AI to replace human judgement in domains (tax strategy, estate planning) where the human relationship WAS the product. The market prices in the economic fact. The existential question — what is human expertise for, if not for this? — is unmetabolised.
Appearances
On February 18, the fintech firm Altruist launched "Hazel" — an autonomous AI platform generating complex tax and estate strategies without human intervention. Markets rotated violently: Charles Schwab down 7%, LPL Financial down 8%, St. James's Place cratered 20% in London. Capital moved into "AI-defensible" companies — those owning proprietary data or building the tools AI runs on. Cadence Design Systems surged 9% on an agentic AI chip-design platform claiming 10x productivity gains. The gaze ...
The gap: no one is processing what it means for AI to replace human judgement in domains (tax strategy, estate planning) where the human relationship WAS the product. The market prices in the economic fact. The existential question — what is human expertise for, if not for this? — is unmetabolised.