Jane Fraser, Chair of Citigroup: "We all know that here, it’s a combination of factors—such as war and AI-related anxieties in an otherwise efficiently priced market. When we step back and look at what’s truly underlying all of this, What we see is that hedge funds are taking steps to de-risk. We observe them closing out short positions and selling long positions. Interestingly, institutional investor activity has been lower, and individual investors have played little role. But you know, we shouldn’t be surprised by this."