PremiumEquity market volatility this week - from Korea’s limit-down sessions and Mag7 weakness to diverging AI supply-chain fortunes - reflects an internal rebalancing within the still-intact AI investment boom, driven by cyclical memory dynamics, extreme hedge-fund crowding/rotation into Asia, and a shifting perception of winners versus losers, rather than by new macro developments around the Fed leadership change or geopolitics.1) Memory
Not A Warsh Wobble; Goldman Partner Says The Real Driver Of Market Volatility Is AI Rebalancing
...while the early months of a new Fed Chair’s term are rarely kind to equity markets; ultimately, this is still about equities driving the macro, not vice versa.
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