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The meltup machine

David Llewellyn-Smith
Tuesday 26 May 2026
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Up she goes. TME with the charts.

The Melt-Up Machine 

Tech keeps trading like a self-reinforcing melt-up machine. Every small dip gets mechanically bought, flows keep chasing AI and semis, and upside positioning continues feeding on itself despite already crowded large-cap tech exposure.

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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.