Duck the pus as AI bubbles pop all over

Wednesday 4 March 2026

Charts from TME. Like acne. AI bubbles are bursting everywhere.

An oil shock is almost uniquely well-placed to smash tech because it causes a spike in duration, which hammers growth stocks on long-term ROE horizons.

We already know that the Sag7 are kaput.

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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.