GM, two forces reshaped markets last week: AI earnings ($NVDA et al) confirmed capex & compute demand stays strong — but the focus shifted from "is there AI demand?" to "who actually delivers revenue & profit?" Warsh's hawkish Jackson Hole signal pushed rate expectations & yields up, squeezing growth valuations. These two forces collided. During the highlighted weekend window, $UVXY rose approximately 3.2%, while $SKHY hynix fell 3.0% and the leveraged CSOP ETF declined 5.7%. By Monday after the open, the moves had extended to approximately +4.8%, −5.3%, and −11.4%, respectively. The three instruments therefore formed a consistent risk-off pattern: volatility protection strengthened, AI-sensitive exposure weakened, and the leveraged product amplified the underlying move.