Rotation Ain’t Resilience

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…