Raging bubble passes Neptune

Wednesday 3 June 2026

Having engulfed your anus, the great bubble of our time takes in Neptune.

More AI, No Protection

The AI chase continues to broaden. Software is squeezing, China tech is waking up, Korea remains in full mania mode, and investors continue to abandon protection in favor of upside. The trend remains powerful, but the market is becoming increasingly one-sided.

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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.