STOCKMARKETS ARE, in a literal sense, fortune-tellers: their job is to foresee which businesses will make money in the future and which won’t. When things are not changing much, this is a matter of simple extrapolation. When change happens, it gets harder. This is obviously true in times of acute change, such as the fog of war currently enveloping the world. Yet it is also true of slower-moving but more profound disruption, like that being wrought by artificial intelligence.
