This week was messy. Crypto got crushed. Bitcoin hit $60,000 at one point. Tech sold off hard because investors are starting to wonder if all this AI spending is actually going to pay off. Amazon said they're dropping $200 billion on AI infrastructure and the stock tanked because nobody's sure the cloud revenue can keep up with that burn rate. Software had one of its worst weeks in over a decade. Then today happened and buyers just piled in. The Dow jumped over 1,000 points in one session. But even with that bounce, the week closed down. S&P off 2%, Nasdaq down 4%. It felt less like people had conviction and more like everyone was just tired.

Equities traded in two phases. Monday through Thursday brought risk-off pressure as investors questioned whether AI capital expenditures would translate to earnings. Software had its worst week since 2008. Thursday pushed the S&P negative for the year. Today flipped with aggressive dip-buying in the best session since May, but breadth stayed defensive and the week still closed in the red.

Energy led on geopolitical risk premiums and crude strength. Industrials attracted capital as rotation favored cyclical exposure. Technology sold off on software weakness and AI infrastructure concerns. Gains in industrials, financials, and real estate supported the broader market, offsetting pressure in consumer discretionary and tech.

Crypto collapsed. More than $2 billion in long and short positions were liquidated this week as Bitcoin tested lows not seen since late 2024. Institutional investors who bought in via ETFs at an average price of $90,000 are now sitting on massive losses. The selloff mirrored tech's risk-off tone. Today's bounce stabilized prices but didn't reverse the damage.

SOLANA

Solana hit $88.42 on Thursday, about a two-year low, off nearly 40% on the week. Leveraged long positions were wiped out as Bitcoin's decline triggered cascading margin calls. Altcoins were hit hard in low-liquidity conditions. No recovery catalyst emerged. The move reflected broader crypto capitulation, not Solana-specific fundamentals.

Commodities split. Gold rallied as rate-cut expectations resurfaced and geopolitical tension provided safe-haven demand. Oil moved higher on Middle East risk despite Iran-US talks easing some premium. Copper hit records Thursday before retreating. Silver got crushed by margin-call liquidations after CME raised futures requirements from 11% to 15%. Forced selling turned correction into crash. Precious metals volatility mirrored broader market instability.

Gold rallied on central bank buying and safe-haven demand despite the market digesting Kevin Warsh's Fed nomination. Oil moved on geopolitical risk from Iran tensions before talks cooled some of the premium. Copper caught a bid from cyclical rotation optimism but couldn't hold it. Silver's crash was purely mechanical. CME hiked margin requirements and forced leveraged speculators to close positions immediately. That turned what could have been a normal pullback into a liquidation event. Broader weakness came from dollar strength and risk-off flows across the board.

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