Max Lev

Soros: At some point every bubble will experience the big *test*, where the reflexive feedback loop flips from positive to negative. During the test, the market will try to take out the highly leveraged bulls. You do not want to own the asset during the test. But if the market fails to push down prices enough to clear out all the bulls, then you have the greenlight to jump back in with even more size than before the test. The failure to clear out the bulls proves the broader trend is incredibility resilient. After the test, the next phase of the bubble is the acceleration phase where it extends much higher and much longer than anyone expects. In today's case with AI, perhaps if the market was to learn over the next few weeks/months that AI is resilient to the political cycle, then we could enter the acceleration phase?