WS #9096

The dominant narrative from the previous window (risk-off rotation, strong payroll data, META equity raise, Oman oil terminal attack, Ebola warning) remains unchanged and is ESCALATING. The Nasdaq 100 is extending losses to -3.4%, on track for its biggest daily decline since October 2025, driven by a tech massacre led by MU (-12%), AVGO (-7.7%), NVDA (-6.3%), META (-5.8%), and TSLA (-7%). Defensive sectors are holding (WMT +2%, PG +4.3%), confirming a sharp risk-off rotation. The strong jobs data has dampened expectations for a Fed rate cut, fueling the selloff. Bitcoin has plunged below $60,000 for the first time since October 2024, marking its worst week since the FTX collapse, with ETH and XRP losing up to 23%. The crypto rout is attributed to capital rotation into AI equities and record ETF outflows. A new development is the Google-SpaceX compute deal: Google will pay SpaceX $920 million per month for 32 months for AI compute capacity using 110,000 Nvidia GPUs. This is a massive revenue stream for SpaceX ahead of its IPO and a significant demand signal for Nvidia GPUs. However, the market is ignoring this positive for NVDA amid the broader tech selloff. The Zaporizhzhia Nuclear Power Plant is completely without power, running on backup diesel generators, adding geopolitical risk. The CDC has published MMWR documents warning of a potentially large outbreak if patient isolation is low, escalating the Ebola concern. Monroe Capital has become the latest private credit manager to restrict withdrawals, capping redemptions at 5% as investors sought to redeem ~10%, signaling stress in private credit. The macro narrative is firmly risk-off, with the tech selloff ESCALATING.