Australian Shares

Bubble trouble

David Llewellyn-Smith
Friday 15 May 2026
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TME with the charts.

The Melt-Up Keeps Sucking People In

The upside chase keeps pulling investors aggressively into AI, semis, momentum, and upside volatility. At the same time, breadth keeps deteriorating, downside protection is getting abandoned, and several positioning dynamics are quietly building dangerous downside convexity if markets suddenly reverse lower.

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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.