WS #10487

The dominant signal in this window is a sharp cooling of the AI/tech rally, particularly in Asia. South Korean stocks tumbled on a chip selloff, with SK Hynix's Hong Kong ETF surging to $17B in assets but the broader market retreating. MSFT is underperforming QQQ by the largest margin in almost 9 years, and a $200K MRVL long was liquidated. This suggests profit-taking or rotation out of mega-cap tech. Separately, Trump signed executive orders to boost US quantum computing, causing after-hours pops in D-Wave, Rigetti, and IonQ. A Tata cyberattack leaked Apple and Tesla files, adding to tech sector risk. Fertilizer prices are falling sharply due to slow demand, Chinese exports, and the Iran war, providing relief for farmers but signaling weaker global demand. Alan Greenspan died at 100, a notable but likely non-market-moving event. The UK Labour leadership challenge narrative is stable, with no new market impact. Overall, the window shows a tech pullback, a quantum computing catalyst, and a commodity demand softness signal.