TME with wrap for tech wreck.
From terrific to terrified
Tech has gone from terrific to terrified in less than a month. Volatility is exploding, AI fragility is reaching historical extremes and hyperscaler cash flow is collapsing. Taiwan is cracking as the semiconductor selloff spreads, while India is emerging as the unexpected winner of the great AI rotation. Meanwhile, Treasury yields have plunged, but systematic bond shorts remain sizeable. Markets are moving fast, positioning is getting shaken out and the next surprise could be a violent move higher. Don’t forget the upside.
