Sell!

Wednesday 20 May 2026

As expected, the bond crash is triggering rising turbulence for tech. TME with the charts.

Lot of MOVEs

Rates volatility is exploding higher, semis remain massively crowded, positioning has become euphoric, and some of the most aggressive AI momentum trades globally are starting to wobble at the same time.

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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.