In this article we critically analyze the theory of cognitive capitalism as developed by Yann Moulier Boutang in his book of that name. He emphasizes a new category of exploitation, seeks to explain the behavior of finance capital, and foretells a coming dominance by cognitive capitalism over industrial capitalism. While his theory has merit and is a useful starting point for further analysis of the interaction between digital technology and capitalism, it has major flaws in: Its treatment of financialization, the employment relationship, and the power and dominance of large industrial corporations; its claims regarding the alleged superiority of cognitive capitalism; and its exposition of a second category of exploitation.