The day after the wire, the tape breaks — Korea's sidecar night, dollar-yen back under 159.5, and the sovereign tell reads equity-led
Tuesday's US close did more damage to the AI build-out complex in a single session than any day since the July leg down. SOXX fell −4.96% to 531.39, XSD −5.75%, SMH −4.09%, and the DRAM ETF broke its 60 shelf outright, down −8.76% to 55.10 from 60.39 — the shelf yesterday's Pulse had it sitting exactly on did not survive the session. Fabrinet, which closed Monday at 598.58 on a clean double beat, finished Tuesday at 482.59, down −19.38% on the day — the full arc, beat, sold after hours, then sold again into the close, took roughly a fifth off the stock in 24 hours. Coherent fell −12.75%, CoreWeave −12.10%, Nebius −7.60%, Lumentum −9.87%, Applied Materials −3.92%. The tape split hard by sector rather than by size: software held or rose (IGV −0.03%, CLOU −0.47%, and the large caps were green — Salesforce +2.71%, Adobe +3.58%, Intuit +4.41%) while hyperscalers split among themselves — Apple +1.45%, Microsoft +0.27%, Alphabet +0.06% against Nvidia −2.34% and Meta −4.45%. Momentum gave back its lead outright: SPMO fell −2.75% to 150.90 while SPLV rose +0.38% to 76.03, a full reversal of Monday's momentum-led read. VIX rose +4.28% to 15.84, matching what the price action was already saying.