WS #10580

The dominant narrative remains the tech/AI selloff, with Bloomberg reporting cracks in the AI narrative and a $1.3 trillion rout in Nasdaq 100 stocks over two days. However, a strong counter-signal emerges: Bloomberg now reports that US tech stocks are set to rebound on Wednesday, suggesting a potential reversal. Separately, Agility Robotics, a maker of humanlike robots, is going public via a $2.5 billion SPAC deal, adding to the robotics bullishness. In geopolitics, UK, France, and Germany issued a joint statement opposing Chinese activities east of Taiwan, escalating Taiwan Strait tensions. Trump ordered a DOJ probe into Big Oil for alleged gas price gouging, which could pressure oil majors. The Thai central bank held rates at 1.00% as expected. Prologis's rejected $16.6 billion bid for SEGRO continues to be a significant M&A signal in the industrial REIT space. The PBOC adviser's potential rate cut signal is carried forward. Overall, the narrative is mixed: tech selloff vs. potential bounce, robotics bullishness, geopolitical escalation in Taiwan, and regulatory pressure on oil.