Managers across tech are getting wiped out. The ones who survive will be the ones who stayed close enough to the work. We’ve seen this play out before. In 2008, the financial companies that went bust had one thing in common: their leaders had no idea what was actually happening on the inside. They were managers of managers. The same thing is true today. If you are not using AI yourself at least 10% of your time, you are in the business of listening to other people tell you things you don't know are true.

Fund managers are piling back into tech. 37% of global fund managers are now overweight technology stocks, up from 30% in September, per Bank of America’s latest survey. That’s the highest since August 2020.

Asset managers’ short positions on the Australian dollar surged to a record high in the week ended Oct. 20, as mounting Middle East tensions and jitters over the AI trade spurred a retreat from the risk-sensitive currency.