My thinking: In a financial system collapse (a la The Big Short), the assets under analysis are themselves the things of value. Whereas betting on AI to collapse a technology business is at least one step removed from actual valuation, even assuming:
1. AI Agents do deliver just enough, and stay around long enough, for big corporations to lay off large number of employees
2. After doing so, AI quickly becomes prohibitively expensive for the business
3. The combination of the above factors tank business productivity
In the event of a perfect black swan, the trouble is that it's not actually clear that this combination of factors would result in concrete valuation drops. The business just "doesn't ship as much" or "ships more slowly". This is bad, but it's only really bad if you have competitors that can genuinely capitalise on that stall.
An example immediately on-hand: for non-AI reasons, the latest rumors are that Apple's next round of Macbook Pros will be delayed. This sucks. But isn't particularly damaging to the company's stock price because there isn't really a competitor in the market that can capitalise on that delay in a meaningful way.
Similarly, I couldn't really tell you what the most recent non-AI software features shipped by Netflix or Facebook or X actually were. How would I know if they're struggling internally and have stopped shipping features because AI is too expensive and all their devs were laid off?
I guess if you're looking for a severe black swan to bet against AI Agents in general, you'd need to find a company that was so entrenched and so completely committed to and dependent on AI that they could not financially survive a shock like that AND they're in a space where competitors will immediately seize advantage.
Don't get me wrong though, even if there's no opportunity to actually bet against that situation, it will still suck for literally everyone if it eventuates.
