AI shock spreading to economic shock?

Friday 27 February 2026

TME with the charts. NVDA blowout revenues were not good enough.

Semiconductors are flirting with a top. Could the next AI victim be capex spend and hardware? Open AI cutting investment was a bad sign. If so, watch out for the red-hot semi-bourses in Asia.

Sell semis and buy software? How big are those cojonies?

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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.