WS #9097

The dominant narrative from the previous window (risk-off rotation, strong payroll data, tech selloff, crypto rout) remains unchanged and is ESCALATING. The Nasdaq 100 is extending losses, with QQQ down ~5% and the tech selloff deepening. The Google-SpaceX compute deal ($920M/month for 32 months) is a major positive for NVDA and SpaceX, but the market is ignoring it amid the broader tech massacre. A new development is the Trump administration and OpenAI discussing a potential U.S. equity stake, which could be bullish for AI infrastructure. The Zaporizhzhia Nuclear Power Plant blackout continues, adding geopolitical risk. Monroe Capital restricting withdrawals signals stress in private credit. Bitcoin remains below $60,000, on track for its worst week since FTX collapse. The macro narrative is firmly risk-off, with the tech selloff ESCALATING.