We are not in 2000. We are in 1929.

Wednesday 27 May 2026

TME with the note.

In Semis We Trust

Semiconductors are increasingly starting to trade like a self-reinforcing macro mania. Every small dip gets aggressively bought, upside volatility remains extremely well bid, and positioning keeps crowding back into the same narrow AI leadership trade.

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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.