Asia is bracing for the A.I. capex hangover. The Nasdaq fell 1.85% as Alphabet burned $400B in market cap. The KOSPI and TAIEX are next on the chopping block. The Fed held, but the market only cares about earnings. • Nasdaq Close: -1.85% • KOSPI: ~5,620 (-1.4%) • TAIEX: ~45,800 (-1.1%) • 10Y Yield: 4.68% (Held below 4.70%) • DXY: 102.16 • Brent: ~81,200 Here's the nuance most headlines will skip. The Fed's 10-2 hold and Warsh's refusal to call financial conditions "tight" were completely overshadowed. The market is demanding profitability, not just A.I. spending. Alphabet got punished. If Amazon and Apple disappoint tonight, the tech selloff accelerates globally. Watch the 10Y at 4.70% and the KOSPI at 5,600. Those are the lines. If Amazon's AI spending faces the same scrutiny tonight, does the Nasdaq break down further?