The Nasdaq just had its worst week since June. Not because AI is dead. Because the market finally started separating the companies that can fund the buildout from the ones that borrowed $50B to pretend they could. CoreWeave is the clearest warning sign right now. Roughly $50B in debt, bond yields spiked above 15%, and the CDS market is pricing in serious default risk. The AI trade isn’t broken. The levered AI trade is. Meta and Tesla both report Wednesday after the close. Those two prints will tell us fast whether this is just a healthy flush or the start of something uglier. The names that survive this correction are going to print for years. The ones that don’t… won’t. Where are you positioned going into Wednesday? $CRWV $META $TSLA