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Michael Hartnett at BofA continues his rich vein of form.
Zeitgeist: “Impinj, Mobileye,Wolfspeed, ST Microelectronics, Microchip, ON Semi…under the surface it’s starting to get scary, but we all know what the BigTech horsemen can do to P&L before we blowup.
“The Price is Right: surging Big Tech (big 7 up 31% YTD vs 3% for rest of S&P500), but narrow breadth often dangerous (see NDX vs NDXE in Nov’08, Oct’18, Dec’21–Chart5).
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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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