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Nonconsensus · Jul 29, 2026

Rotation Ain’t Resilience

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While pundits read the recent market action as a sign the market can withstand reversal of the AI/Semi mania, it’s much more likely a sign of short covering flows than longer-term resilience.

Over the last couple days what had been a selloff in the most speculative AI related names has turned into a full blown panic. Anything close to the AI complex is feeling pain, with Kospi down 30%, S…

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