This week, both markets finally dropped for the same reason: AI. The CPI cooling-off boost only lasted two days, and by Friday, risk appetite was back to square one. Recap: On the crypto side, after CPI cooled on Wednesday, $BTC surged to 64k but fell back to around 63,900 today. $ETH dropped to 1,840, and the Fear & Greed Index is only at 27. Over in U.S. stocks, the Nasdaq fell 1.6% on Thursday, and futures dropped nearly 2% on Friday. Chip stocks took a beating, and AI capital expenditures are starting to be questioned. Cross-market observation: Gains are shared, and when the narrative wavers, everything gets dumped together—risk assets have long been in the same pool. Next week’s highlights: Big Tech earnings season kicks off, paired with the upcoming Fed meeting at the end of the month. Earnings will shape the narrative, and the Fed will set the liquidity level—both markets are tied to the same thread. Quick question: If the AI narrative continues to cool, will you adjust your crypto positions first or your U.S. stock positions?