February Was A Long Year

Volume 170 - The Week Ahead

Good morning,

February sure was a long year.

The market has not been polite recently… It has been a slow bleed of positioning, a constant churn on internals and a market that keeps pricing fear in the places most people don’t stare at all day.

The most important shift of the last couple of weeks is not whether software is dead, or whether the AI displacement narrative has peaked. It’s that fear is no longer contained in one sector. Software might have been the theatre recently, but it isn’t the only battlefield now.