2000 called. It wants its tech wreck back

Monday 3 August 2026

How’s this for a bear market rally? TME has more.

Korea’s Face-Ripper

Just days ago, Korea looked like one of the most unloved AI markets in the world. Mechanical selling had washed through the system, positioning had been aggressively reset, and sentiment was deeply pessimistic. Then came one of the biggest squeezes in the index’s history.

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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.