Everything Says Sell Tech—Except Tech: Why The Next Move Could Be Violent

AI Bull, Macro Bear

The fundamental AI bull case keeps strengthening, but the tape is becoming harder to read. The yen is surging, tech CDS spreads have widened and rates have moved higher, yet NDX refuses to properly break.

Is leverage quietly draining from the system, with the real downside still ahead? Or is tech absorbing every macro shock before the next AI leg higher? With correlation and straddles near the floor, the market is offering a relatively cheap way to play the answer.