Tech flushed

David Llewellyn-Smith

Thursday 5 February 2026

NDX is threatening to make a mess as recent range breaks down. Charts from TME.

The fringe always leads the centre. Enough?

SOX socked. So far, it has been software that has crashed, but if semis follow, then the AI story is cracking up.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.