WS #9098

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. A new development is that META is considering raising tens of billions in new shares to fund AI data centres, which could dilute existing shareholders and weigh on the stock. Additionally, a large dark pool trade of 800,000 META shares ($471.79M) was detected, suggesting institutional activity. 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. The Trump administration and OpenAI discussing a potential U.S. equity stake 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.