AI Frenzy Rekindles Story Stock Mania

It's a junk rally! Not in high yield (well, there too now that you mention it), but rather in tech shares, where the "worst" of the worst are leading this year's surge, and a new brand of meme stock has emerged. Over the past two weeks, I've documented the extent to which this year's "grab and chase" dynamic in equities has manifested in disconcerting ways that recall some of the pandemic era's most egregious bouts of mania. Consider, for example, the snapshot below, which shows January's ral