One match out of two is not a 0.6 relationship, and the failure is instructive rather than random. What took over this week was AI infrastructure credit stress — Goldman Sachs measured AI-related high-yield spreads widening 25 basis points while non-AI spreads barely moved, and semiconductors shed roughly $2 trillion across an eight-session losing streak.
That is the vulnerability in any correlation built on a shared driver. When a different force sets the direction, the relationship stops describing anything.
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