This was not a normal pullback.
This was a full risk-off reset across almost every major asset class.
Stocks sold off.
Crypto sold off.
Gold and silver sold off.
Asian markets sold off.
Even safe-haven trades failed to act cleanly.
The S&P 500 dropped over 3%, wiping out trillions in market value.
Nasdaq fell even harder as tech and AI names came under pressure.
Gold dropped sharply.
Silver got hit even worse.
KOSPI, Nikkei, China, and crypto all joined the same global liquidation wave.
The strange part is that oil did not explode higher.
In a normal geopolitical panic, especially with US-Iran tensions, traders usually expect oil to be the main pressure point.
But this time oil moved lower, and markets still kept dumping.
That tells you the selloff was not only about war risk.
The market had already priced in a large part of the geopolitical fear before the actual developments played out.
So when oil failed to spike, people expected relief.
But the relief never came.
Because another fear had already taken over.
The AI trade.
For months, AI has been the strongest narrative in global markets.
Huge valuations.
Massive expectations.
Endless capital rotation into anything connected to AI.
But now investors are starting to ask the uncomfortable question:
Can these valuations actually hold?
When the strongest narrative in the market starts losing confidence, the damage spreads quickly.
That is why this week felt different.
It was not just one asset correcting.
It was the market questioning the foundation of the entire risk-on trade.
AI names corrected.
Tech valuations came under pressure.
IPO expectations started shifting.
And suddenly the same capital that was chasing growth began moving toward safety.
At the same time, inflation fears are not gone.
AI was supposed to make things cheaper over time, but in the short term it is increasing demand for energy, chips, data centers, infrastructure, and capital.
That can keep inflation pressure alive.
And if inflation stays sticky, the Fed cannot easily turn dovish.
The market wants rate cuts.
But the data may force the Fed to stay tight, or even consider more pressure if inflation accelerates again.
That is the real problem.
Higher rates strengthen the dollar.
A stronger dollar drains liquidity.
Lower liquidity hurts stocks, crypto, commodities, and every asset that depends on easy money.
This is why everything felt connected this week.
It was not just geopolitical fear.
It was not just AI fear.
It was not just FED fear.
It was all of them hitting at the same time.
The market is now moving from greed into protection mode.
Capital is leaving risk assets and moving toward cash, bonds, and safety.
That rotation is the real story.
And until liquidity improves, the dollar weakens, or the FED gives the market a clear reason to breathe again, this selloff may not be fully over.
This is the type of week that reminds everyone:
Markets do not crash because of one headline.
They crash when positioning, liquidity, valuations, and fear all break at the same time.

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