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All tech is non-profitable these days despite a profits megaboom. Say what? TME.
Rates Matter Again
The AI melt-up may finally be running into the one thing investors stopped worrying about: rates. Bond volatility is exploding higher just as hyperscalers enter the most capital-intensive spending cycle in modern tech history, potentially reopening the old rates-vs-tech debate at the exact moment positioning and momentum have reached extreme levels.
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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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