🔥HOT TAKE: Global macro analyst Rich Bernstein breaks down the WORST tech SELL-OFF since the March 2020 COVID crash. 1. Investors had loaded up on high-risk stocks and leveraged products. 2. The midterms added uncertainty over regulation, including rules for AI data centers. 3. Tech balance sheets were weakening, and investors had counted on strong AI demand to make up for it. 4. The crowded AI trade started to unwind. 5. Another pressure point is INFLATION with markets expecting the Fed to raise rates in December. Bernstein sees the recent AI sell-off as the risk of "momentum investing". The turn is hard to see coming, but when it comes, it can happen FAST.