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Lol. Never call a bubble top. TME with more.
The Great Divergence
The AI trade is no longer moving as one. Semiconductor stocks have been hammered while software, MegaCap Tech and the broader indices have remained surprisingly resilient. The gap is becoming difficult to ignore, and history suggests it rarely stays this wide for long.
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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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