Nowhere to hide today with a "SELL NOW - ASK QUESTIONS LATER" type of feeling out there. Velocity picked up to the downside without areal catalyst outside of Al fears reverberating across more and more sub-sectors. Some pointing an FT article re: Microsoft AI CEO saying most white-collar jobs to be replaced with Al in 12 months; ‘models coding better than humans.’ Microsoft 的 AI CEO 表示，大多数白领工作将在 12 个月内被 AI 取代；并称 “模型在编程方面已经比人类更强。”

CHRW in Transports another pain point today (8 sigma move lower) with a debate swirling whether CHRW could be bucketed as a medium-term loser from AI using chatbots to match loads offers efficiencies (lower head count). The magnitude of the moves are significantly hitting sentiment with NO ONE wanting to step in and defend (see CBRE intraday reversal on solid numbers).

Elsewhere, technicals garnered attention with SPX now through 50 dma (6895) and CTA ST threshold (6911). We currently estimate CTAs will sell $1.5-2bn of US equities over the next one week. We are still ~110 handles in S&P cash from the medium-term threshold of 6723 which would accelerate the magnitude of supply estimates. HF VIP vs Most Short finished +1% on the day, driven by the short leg. CTA 系统化趋势交易资金在未来一周将继续抛15-20亿美元的美股