Market sentiment shifts instantly, and small events can trigger big movements.

Last night, a report about a tech giant’s data center financing falling through directly ignited the global capital markets. The company's stock price plummeted over 5%, dragging down the entire US stock market, with the Nasdaq crashing 1.8%, and the entire AI ecosystem erasing nearly 9% of its gains within a week. Bitcoin also took a nosedive, approaching the critical support level of $85,000. It looks quite alarming, but the underlying issues are even more worth pondering.

In fact, this is not panic selling; rather, the market’s attitude has completely reversed. Previously, all kinds of positive news about AI were met with a smile and full acceptance. Now, the trend has changed—any asset related to AI, even with a slight movement, is treated as a ticking time bomb. Even when clarifications are issued later, the market ignores them. The reason is simple—once confidence is broken, the truth becomes less important. Financing structures, capital expenditures, leverage ratios—these are gradually being seen as “contagious viruses.” From sacred belief assets to ordinary risk assets, the next storyline is already set: sell first, analyze later, and better not dig too deep.

The most striking phenomenon is—there are hardly any decent bottom-finding armies. The Nasdaq and S&P 500 both broke through the 50-day moving average. Usually, when technicals hit this line, a rebound should follow, or at least hold. But last night, it was directly pierced through, with no room to struggle. The market is still alive, but that “supporting hand” clearly has no strength left.

There’s also a detail worth savoring—yesterday’s forecast clearly indicated that today’s volatility could surpass that of Non-Farm Payrolls day. Even before the global stock markets opened, we saw this warning. In other words, the fluctuation on an ordinary trading day exceeded that of the most influential economic data release. What does this mean? The market is no longer digesting information; it’s in a state of panic.

Compared to the adjustment in the AI sector, the situation in the crypto market is even more concerning. $BTC surged from $86,000 to $90,000 in just a few minutes, then fell back sharply. This isn’t trend trading; it’s leverage being trampled on. $E0$ and $BNB are experiencing similar rhythms. When trading turns like this, it indicates that the capital structure in the market has become very dangerous.