The Nasdaq fell 4.5% this week, its worst week since late June. Through Thursday, 73% of the stocks in the S&P 500 were higher on the week anyway (Yahoo Finance). That gap is the story of Oct 12-16. Money moved out of anything that needs cheap financing or a scarce-memory margin and into oil, staples and defense. Lockheed Martin rose 8.3% on the week. My own book split down the same line. $FANG gained 6.2% and EQT 2.8%. Kaspi finished flat. Coherent fell 25.5%, KLA 15.3% and Nebius about 25%. Last Sunday I wrote that my new money was going to businesses whose earnings don't need a peak chip margin. I didn't expect the test five trading days later. I'm not selling the chip side into a week like this. Contracts there run into 2027, and TSMC raised its growth forecast on Thursday. I'm not adding to it either. What would change my mind is a supplier cutting its prices. A falling share price isn't that.