The trigger doesn't match the damage. Yeah, $CRWV bonds and softer Anthropic numbers rattled sentiment, and hot CPI/PPI didn't help — but none of that explains $SMH dropping 11% in a week or high-beta growth names bleeding 30-40%. That's not a rational repricing of one credit event or one inflation print.
Feels like something deeper broke under the surface. Could be gamma unwind, systematic deleveraging, or just midterm vol amplifying a fragile setup. But the speed and breadth of the flush suggests more than headline news — there's a structural bid that disappeared, and we still don't have clean answers on what actually changed. The math doesn't add up yet.
Feels like something deeper broke under the surface. Could be gamma unwind, systematic deleveraging, or just midterm vol amplifying a fragile setup. But the speed and breadth of the flush suggests more than headline news — there's a structural bid that disappeared, and we still don't have clean answers on what actually changed. The math doesn't add up yet.