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Tl;dr: H2'26 has started off with an unwindy/rotation bang as momentum winners have collapsed (AI/memory/semis) and momo losers are surging (no obvious catalyst aside from META's 'excess compute'). Weak payrolls pushed bond yields lower and gold higher as rate-hike odds dropped. Oil down on the week as flows picked up. Korea's carnage was crypto's gain (BTC's best 2 days since feb).