Jordi Visser

It was a 30% gain for a stock that approached that day a trillion dollars in market cap.

Since that day, it peaked and it's been going down and now its debt is selling off.

CDS of Ford is going up.

So we've hit a new point and this started with Oracle.

Then we had the Fed rate cut in September.

And again, a lot of things shifted.

And I've talked on here about unwind trades that were happening first at the quant level, but now it's starting to spread.

Retail also got hurt.

Now when retail got hurt is when we started to get into October.

Gold peaked.

But more importantly, these power, like Oklo, and a lot of these names that have no revenue, they started to get hit hard.

And a lot of these names, quantum names, nuclear names, they're down 40 to 60%.

And these were big call option names.

These were a big thing.

Then you had Palantir come out.

So you can see kind of the dominoes that are playing out that lead to a rotation.

Now, I wrote a paper this week about CoreWeave.

There is a great post by someone, Kai Wu.

I don't know if you've ever seen him, but he posted something about how companies that have lots of CapEx, how they typically do.

We're at a weird point in the cycle.