"This volatility is, in our view, evidence of excessive froth and calls into the question the sustainability of this rally."

Crowded AI positioning, high ETF leverage, and $4B in Bitcoin outflows are converging into a potentially volatile summer for tech stocks.

Global stock markets are experiencing a cautious rebound following a tech sell-off, fueled by AI spending and hawkish US interest rate signals. While South Korea's Kospi shows…