> I'm not aware of how Musk/SpaceX are "raiding retirement funds"?

NASDAQ bent their rules to allow SpaceX a (way too early) inclusion into the index and so did MSCI [2] and Russell [3].

Normally, a newly IPO'd stock would have required up to a year of "cooldown" (like the S&P 500 requires) so that stock prices can stabilize. Now though? Billions of dollars in funds are automatically flowing in from retirement accounts into SpaceX and artificially prop up the valuation of this grossly overvalued company. And OpenAI and Anthropic are looking to IPO as soon as possible as well to benefit from the same rules while the markets are still red-hot bullish for anything that can be labeled even remotely related to AI.

Assuming that there will be a catastrophic collapse event in the AI bubble - the triggers can be anything from regulatory issues (no matter if in the US, EU or China), new free models from China cutting off the moat of the Big Three, venture capital running out and forcing realistic pricing or a natural disaster/war wiping out TSMC or RAM factories, interrupting supply for the continued outbuild -, this will directly (and massively) impact retirement accounts.

In addition, even the sell-offs required in ETF rebalancing can have serious economic consequences. Something has to give when SpaceX, OAI and Anthropic all enter.

[1] https://finance.yahoo.com/markets/stocks/articles/nasdaq-che...

[2] https://www.reuters.com/business/media-telecom/msci-confirms...

[3] https://www.reuters.com/business/media-telecom/russell-rebal...