📉 Friday's SOX decline changed the terms on which markets are evaluating the AI trade, but the consensus response is compressing several distinct problems into one. Broadcom's miss and Nvidia's Rubin memory-spec revision hit on the same day as a payrolls print strong enough to push rate-cut timelines back. SOX dropped more than 10%, sixth-largest single-day decline in the index's history. Markets called it an AI unwind. What that framing skips is whether crowded long positioning was obscuring a backdrop that otherwise reads as constructive: tighter labor markets, less tariff anxiety, valuations near post-pandemic averages. 🔗 Full analysis: https://t.co/dW8zi7fkY9