Dare the tech wreckage?

Wednesday 25 February 2026

Charts from TME. The IGV software index is trading at 23 RSI. Seventh level of hell.

Yet AI remains a tool, not a process manager. The hallucination rate is still high and is a feature, not a bug of LLMs.

My argument is that humans may have already proven themselves more useless and mistake-prone than AI, so rolling it out actually improves outcomes.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.