My friend @QCrua23 just shared this with me from his own fund flow monitoring system: 1.The unwind of crowded AI longs deepened while the rest of the market held up, a rotation within equities rather than out of them 2.Hedge funds look to be cutting net exposure, not gross: they went from 3% net buyers to 9% net sellers while their short-sale share fell from 61% to 50%, so long sales rose and short sales held. Gross remains heavy, with short leverage near a five-year high, so forced de-grossing is the risk 3.The 10-year fell 12bp to just under 5% despite Brent +2.4%; the desk expects CTAs, very short bonds, to add buying near their short-term threshold, a flow no exhibit measures 4.Retail went into Thursday long the unwind's leaders