Crowded Trades And Painful Scenarios

It comes as no surprise that the most crowded trade on the planet is long big-cap US tech. Until (very) recently, it felt like the only trade on the planet, as A.I. optimism drove a delirious rally in Nvidia, which took anything and everything tech-ish along for the ride. Although gains have broadened out a bit, it's not over yet. Apple hit a new all-time high this week, and Tesla added nearly a quarter trillion in market value over the course of a 13-session win streak which Morgan Stanley's