🦔 Last week felt like the moment the music stopped. We spent months talking about 'bubbles' and 'ROI,' but the data showed the cracks. Record private credit defaults, a cratering entry-level tech job market, and a sudden, violent correction in the names that were supposed to be untouchable. The throughline here is simple. The subsidy is gone. Whether it is OpenAI missing its funding targets or the SEC trying to hide quarterly losses, the industry is shifting from 'growth at any cost' to 'how do we pay for the electricity?'

The market felt the tension, with the S&P 500 sliding 0.57% to close at 7,580.07. Rotation drove the move. While Tech and Communication Services bled, Energy and Financials stayed positive. It is a flight from the ethereal to the tangible. The 10-year Treasury yield dipped slightly to 4.93%. The widening of data center CMBS spreads indicates that even the 'safe' physical assets of the AI boom look risky to the people who underwrite the loans.