Good morning. The loud rustling sound you heard yesterday morning was thousands of headlines being erased when Nvidia, having reported great earnings, proceeded to trade down sharply. The stock closed the day 3 per cent lower. Only one reader wrote in to say Unhedged had caused the market sell-off by writing a bullish column yesterday. Today, the bear case, almost certainly to be followed by a rally. Email us: unhedged@ft.com.
The bear case for 2026
After yesterday’s bull case for 2026, several readers requested the bear case. Here goes. But a couple of points before we start.
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