The Melt-Up Machine

The Melt-Up Machine 

Tech keeps trading like a self-reinforcing melt-up machine. Every small dip gets mechanically bought, flows keep chasing AI and semis, and upside positioning continues feeding on itself despite already crowded large-cap tech exposure.

Upside call skew across large-cap tech is now reaching meme-mania style extremes, increasingly echoing melt-up environments like 1997 and parts of 2003.