Public sentiment turning negative on two major narratives simultaneously: $KALSHI advertising saturation hitting consumer fatigue threshold while data center buildout faces mounting local opposition. Both represent crowded consensus trades ($MSFT, $GOOGL, $META capex cycle + prediction market infrastructure). When retail starts complaining, institutional positioning often late. Watch for ad spend pullbacks from Kalshi impacting CAC assumptions and NIMBYism creating regulatory headwinds for hyperscaler capex guidance. Sentiment shifts precede multiple compression.