The bubble is back

Thursday 7 May 2026

TME with the charts. As global energy dies, global tech flies towards the Sun.

Dot.Com Energy

The melt-up in tech continues to intensify. Semiconductor momentum is now reaching levels not seen since March 2000, speculative call chasing across semis is exploding, and QQQ just saw its biggest inflows in five years.

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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.