{"id":24546,"date":"2026-07-07T11:02:43","date_gmt":"2026-07-07T09:02:43","guid":{"rendered":"https:\/\/creandgroup.com\/opinion-article\/elon-lightyear\/"},"modified":"2026-07-08T14:24:35","modified_gmt":"2026-07-08T12:24:35","slug":"elon-lightyear","status":"publish","type":"opinion-article","link":"https:\/\/creandgroup.com\/es\/articulo-opinion\/elon-lightyear\/","title":{"rendered":"Elon Lightyear"},"content":{"rendered":"<section id=\"block_4e3242dd6cb093a7e2b66dee2201a939\"  data-block_4e3242dd6cb093a7e2b66dee2201a939 class=\"text-img-article align w-full section-text-img-article relative block clear-both overflow-hidden mt-8 lg:mt-16\">\n    <div class=\"container\">\n\n        \n                    <div class=\"article-rows max-w-detail_container mx-auto mt-8 lg:mt-12\">\n                                     \n                                            <div class=\"article-row text-row my-6 lg:my-8  \" data-aos=\"fade-in\" data-aos-duration=\"500\" data-aos-easing=\"ease-in-out\" data-aos-once=\"true\">\n                            <div class=\"article-row-col w-full \"><p>Els qui tinguin fills petits (i m\u00e9s d<span class=\"quote-mark\">\u2019<\/span>un adult fan de les pel\u00b7l\u00edcules de Pixar) segurament deuen haver anat a veure la ja cinquena part de la saga <em>Toy Story<\/em>, acabada d<span class=\"quote-mark\">\u2019<\/span>estrenar, en la qual Buzz Lightyear torna a repetir la seva emblem\u00e0tica <span class=\"quote-mark\">\u00ab<\/span>fins a l<span class=\"quote-mark\">\u2019<\/span>infinit i m\u00e9s enll\u00e0!<span class=\"quote-mark\">\u00bb<\/span>. Sembla l<span class=\"quote-mark\">\u2019<\/span>esl\u00f2gan dels mercats financers, en pujada permanent, impert\u00e8rrits davant qualsevol eventualitat. Aquest trimestre la culminaci\u00f3 ha estat, de ben segur, la sortida a borsa de SpaceX. \u00c9s dif\u00edcil distingir entre la lectura del fullet de l<span class=\"quote-mark\">\u2019<\/span>emissi\u00f3 i la d<span class=\"quote-mark\">\u2019<\/span>un c\u00f2mic de ci\u00e8ncia ficci\u00f3. Centres de dades en \u00f2rbita, viatges espacials, col\u00f2nies a Mart, explotaci\u00f3 de mines en asteroides&#8230; S<span class=\"quote-mark\">\u2019<\/span>ha de recon\u00e8ixer que d<span class=\"quote-mark\">\u2019<\/span>ambici\u00f3 no en falta. El que \u00e9s realment estratosf\u00e8ric s\u00f3n les valoracions a qu\u00e8 es va col\u00b7locar l<span class=\"quote-mark\">\u2019<\/span>OPV. Per\u00f2 si al comandament de la nau hi ha el capit\u00e0 Elon Musk, el primer bilionari del planeta, tot \u00e9s possible. Ja ho veurem. O no, perqu\u00e8 probablement va per llarg.<\/p>\n<p>Tot aix\u00f2 no deixa de ser una an\u00e8cdota. Per\u00f2 a un servidor li sembla que \u00e9s reflex d<span class=\"quote-mark\">\u2019<\/span>uns mercats financers instal\u00b7lats en l<span class=\"quote-mark\">\u2019<\/span>euf\u00f2ria des de fa massa temps. No pas perqu\u00e8 hi hagi problemes greus en els fonamentals. La macro continua robusta (sobretot als EUA), en plena ocupaci\u00f3 gaireb\u00e9 arreu, i tot refor\u00e7at en alguns llocs per est\u00edmuls fiscals i per fortes inversions en infraestructures que haurien de ser estructurals. S<span class=\"quote-mark\">\u2019<\/span>est\u00e0 invertint (sense control) en centres de dades, i s<span class=\"quote-mark\">\u2019<\/span>haur\u00e0 d<span class=\"quote-mark\">\u2019<\/span>invertir en l<span class=\"quote-mark\">\u2019<\/span>electrificaci\u00f3 de l<span class=\"quote-mark\">\u2019<\/span>economia (a Europa s\u00ed o s\u00ed, per assegurar la independ\u00e8ncia energ\u00e8tica), en defensa o en automatitzaci\u00f3 (no hi ha altre remei, la poblaci\u00f3 envelleix). Els resultats empresarials (un cop m\u00e9s, sobretot als EUA) van com una seda. I els esdeveniments geopol\u00edtics es demostren est\u00e8rils. Ni la imposici\u00f3 d<span class=\"quote-mark\">\u2019<\/span>aranzels ara fa un any, ni el tancament de l<span class=\"quote-mark\">\u2019<\/span>estret d<span class=\"quote-mark\">\u2019<\/span>Ormuz durant mesos han tingut de moment cap impacte macro seri\u00f3s. A m\u00e9s, el petroli ha caigut en picat, contr\u00e0riament a l<span class=\"quote-mark\">\u2019<\/span>opini\u00f3 de tots els experts, que pronosticaven que es mantindria elevat durant almenys un any i mig un cop es restabl\u00eds la normalitat. Tot i que de normalitat, res de res. Hi passen un ter\u00e7 dels vaixells d<span class=\"quote-mark\">\u2019<\/span>abans, i de tant en tant se<span class=\"quote-mark\">\u2019<\/span>ls escapa algun m\u00edssil, a una i altra part. Per\u00f2 tant li fa. El preu del cru s<span class=\"quote-mark\">\u2019<\/span>ha desplomat i la realitat \u00e9s que la inflaci\u00f3 s<span class=\"quote-mark\">\u2019<\/span>hauria de moderar i els bancs centrals no haurien de donar m\u00e9s voltes a la q\u00fcesti\u00f3 d<span class=\"quote-mark\">\u2019<\/span>apujar els tipus. Aix\u00f2 s\u00ed que sol ser un obstacle seri\u00f3s per als mercats.<\/p>\n<p>Per\u00f2 SpaceX, d\u00e8iem, \u00e9s el reflex d<span class=\"quote-mark\">\u2019<\/span>una cosa diferent. Molts actius financers estan dominats ara pel <em>retail<\/em> (petit inversor), i semblen comportar-se per impulsos. L<span class=\"quote-mark\">\u2019<\/span>\u00e8xit de la sortida a borsa de la companyia de Musk es deu, en gran part, a les hordes de fans que segueixen cegament el visionari americ\u00e0. Aquestes mateixes hordes (no s\u00e9 si les mateixes, vaja, per\u00f2 s\u00ed unes de semblants) compraven bitcoins no fa pas tant (-50% des de m\u00e0xims). Despr\u00e9s va ser l<span class=\"quote-mark\">\u2019<\/span>or. Ara semiconductors (a Corea del Sud, Hynix va pujar un 225% nom\u00e9s el segon trimestre gr\u00e0cies al minorista dom\u00e8stic). D<span class=\"quote-mark\">\u2019<\/span>oca en oca i tiro perqu\u00e8 em toca.<\/p>\n<p>No es pret\u00e9n discutir si comprar bitcoins, or o semiconductors \u00e9s una bona idea o no. Es pret\u00e9n insistir en qu\u00e8, encara que els fonamentals siguin bon\u00edssims, l<span class=\"quote-mark\">\u2019<\/span>entusiasme, en dosis excessives, no ho \u00e9s mai. La part positiva \u00e9s que els mercats financers s<span class=\"quote-mark\">\u2019<\/span>han bifurcat com feia temps que no ho v\u00e8iem. El que queda sota el paraigua de la narrativa que ha capturat l<span class=\"quote-mark\">\u2019<\/span>atenci\u00f3 dels inversors (ara la IA) s<span class=\"quote-mark\">\u2019<\/span>aprecia massivament. La resta pateix d<span class=\"quote-mark\">\u2019<\/span>all\u00f2 m\u00e9s, amb ra\u00f3 o sense. L<span class=\"quote-mark\">\u2019<\/span>oportunitat rau, al nostre entendre, en aquest <span class=\"quote-mark\">\u00ab<\/span>la resta<span class=\"quote-mark\">\u00bb<\/span>. No \u00e9s que haguem de comprar el que no funciona, nom\u00e9s perqu\u00e8 no funciona. Aix\u00f2 \u00e9s una recepta per al desastre. Per cal <em>mirar amb molta <\/em>atenci\u00f3 el que <em>no<\/em> funciona. Una bona inversi\u00f3 no \u00e9s nom\u00e9s una bona idea. \u00c9s una bona idea a <em>un preu correcte<\/em>. Aquesta segona part costa molt\u00edssim m\u00e9s de trobar-la all\u00e0 on tots estan comprant que on tots estan venent, per definici\u00f3. Tret que siguis l<span class=\"quote-mark\">\u2019<\/span>Elon, \u00e9s clar.<\/p>\n<p>&nbsp;<\/p>\n<p>Article publicat al Diari d<span class=\"quote-mark\">\u2019<\/span>Andorra el 07.07.2026<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n                                                    <\/div>\n                    \n                            <\/div>\n        \n    <\/div>\n<\/section>\n\n<style>\n    .section-text-img-article .article-media :is(img, video) {\n        width: 100%; height: auto; max-height: 519px;\n        object-fit: contain; display: block; margin: 0 auto;\n    }\n    .section-text-img-article .article-media :is(.wp-video, .wp-video-shortcode) {\n        width: 100% !important; height: auto !important; max-width: 100%; max-height: 519px;\n    }\n    .section-text-img-article .video-embed-responsive {\n        position: relative; width: 100%; max-height: 519px;\n        padding-bottom: 56.25%; height: 0; overflow: hidden;\n    }\n    .section-text-img-article .video-embed-responsive :is(iframe, embed, object) {\n        position: absolute; 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