Rough week so far. Thanks to macro headwinds, we're currently seeing some momentum unwind—semis down, defensives up. I believe that institutions are simply hedging their high beta exposure right now. I mentioned earlier that there's plenty of institutional headroom for semis/tech exposure to increase. After today, I'm even more sure of this, with many funds positioning a little more defensively with higher yields as the backdrop. Personally, I'm dreaming of a scenario where $NVDA earnings will be so powerful that AI-related names resume their upwards trajectory, resulting in increased momentum as funds become more risk-on after the July de-leveraging. I feel like Jensen's remarks next week will be ultra critical to settle some nerves and to get the AI trade back on track.