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TME with wrap for tech wreck.
From terrific to terrified
Tech has gone from terrific to terrified in less than a month. Volatility is exploding, AI fragility is reaching historical extremes and hyperscaler cash flow is collapsing. Taiwan is cracking as the semiconductor selloff spreads, while India is emerging as the unexpected winner of the great AI rotation. Meanwhile, Treasury yields have plunged, but systematic bond shorts remain sizeable. Markets are moving fast, positioning is getting shaken out and the next surprise could be a violent move higher. Don’t forget the upside.
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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.
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