Great Deleveraging | Forced Sellers, Record Buyers This week, a $45B fund thought to be infallible was liquidated, while the two largest companies on earth beat earnings, and AI capex went UP anyway - selling has been structural not fundamental. The Liquidation | Situational Awareness ○ Situational Awareness: $45B → ~$10B, reportedly running ~4x leverage ○ Citadel bought the bulk of its public book ○ Fuel on fire with rate hike fears ○ Millennium bid, Goldman ran the sale. The $5B Anthropic stake stays private ○ Semis had their best day in a year Q2 Earnings Engine | Fundamentals Train ○ $AMZN: revenue +20%, AWS +37% (fastest in 18 quarters), AWS margin 39.4% vs 33.8% expected ○ $AAPL: $109.4B revenue, EPS +28.7%, iPhone +21.7%, China +22.4% YoY ○ Kicker: $53.4B of Amazon's quarter was a non-operating gain on its Anthropic stake Capex AI Spending | Investor Signal ○ $AMZN raised 2026 capex to $220B ○ STILL can't meet demand through 2027 ○ $GOOGL backing Anthropic's 1.6GW Texas campus ○ EU opened a €10B gigafactory tender ○ Korea's leveraged ETF complex: -70% AUM in 30 days while $KOSPI rallied 15% Leverage got carried out, but demand didn't and the market is reading yesterday as a fire sale x potential bottom of the deleveraging.