COMMENTARY: TRADING DAY Global tech rout loses steam

Korea's KOSPI loses 20% in a week; Japan's Nikkei plunges 5% as the AI fantasy hits the shredder.
CoreWeave's freshly-minted bonds trade at distressed levels below 80 cents—the 'everything's fine' crowd is choking on their Kool-Aid.
Inflation runs hot, oil spikes, yet Treasuries have their best day in months—apparently, 'risk-free' is making a comeback.
US chip stocks fall for a 7th straight day, but the Dow dares to rise 1% as investors play musical chairs away from the Magnificent Seven.
Deutsche Bank says rotation out of tech lasts ~67 days on average—hold onto your seats, this could get bumpier.

Brief Summary

The great AI piggy bank is leaking. Asia's tech-heavy indices are getting eviscerated—Korea's KOSPI is down 20% in a week, and Japan's Nikkei took a 5% dirt nap on Thursday. Meanwhile, the 'smart money' is realizing that the AI buildout was financed by a circular firing squad of debt, private credit, and vague off-balance-sheet hocus-pocus. CoreWeave's 2032 bonds have crashed to distressed levels just four months after issuance, proving that 'AI infrastructure' is just a fancy term for 'leveraged bet on a power-hungry calculator.'

Why This Matters

For the average reader, this isn't just a wobble in your 401(k)'s tech fund—it's a warning that the economy's favorite miracle growth story is running on fumes and funny accounting. If AI credit defaults start cascading, the damage won't stay in Silicon Valley; it'll hit banks, pension funds, and eventually, your rent. The silver lining? Treasuries are reminding everyone they're still the ultimate mattress stuffer, with real yields over 5%—so if the AI party crashes, your boring bond fund might be the only thing left standing.