Strategist Larry McDonald warns of a potential major rotation in investments away from tech, traditionally viewed as a safe trade, towards nuclear assets, particularly uranium. His insights arise amidst disappointing results from Broadcom, suggesting a trend reversal reminiscent of market signals from 2020.

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Need to Know

Tech is flashing a warning sign last seen in 2020. Strategist Larry McDonald sees a massive rotation coming.

Author of the Bear Traps Report says tech is the assumed ‘safe’ trade right now

Published: June 4, 2026 at 7:09 a.m. ET

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(6 min)

Former Lehman Bros. trader Larry McDonald says investors piling into tech should start diverting money to nuclear assets like uranium. Shown above: an abandoned uranium mine. Photo: Getty Images/iStockphoto

A previous version of this newsletter misrepresented Larry McDonald’s comparison of the scale of the anticipated SpaceX market valuation upon its IPO with those of past initial public offerings. It has been corrected.

Tech looks set to lead the way south on Thursday, with investors showing disappointment over less-than-perfect Broadcom results.

About the Author

Barbara Kollmeyer

Barbara Kollmeyer is based in Madrid, where she leads MarketWatch's pre-markets coverage of financial markets and writes the Need to Know column. She has worked in London and Los Angeles for MarketWatch previously. Follow her on Twitter @bkollmeyer.

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