Caught a rough day in the markets today. Everything's in full risk-off mode right now - stocks, Bitcoin, commodities, you name it. The Dow tanked 592 points (-1.2%), S&P dropped 84 (-1.23%), Nasdaq fell 363 (-1.59%), and small caps got hit even harder at -1.79%. When risk-off sentiment takes over like this, you really see the carnage spread across everything.

Amazon dropped 8% after hours despite beating on revenue and AWS numbers - $213.4B vs $211.5B expected. But here's the thing: they're planning $200B in capex for AI infrastructure, and that scared people off. Meanwhile they just cut 16K more jobs this week (30K total since late last year), and their 12-quarter earnings streak finally ended. This is what happens when risk-off fear dominates - even solid earnings get punished because investors start questioning the spending priorities. Roblox bucked the trend though, up 20% on better-than-expected Q4 results and massive DAU growth (144M, +69% YoY). Affirm also crushed expectations with 37 cents EPS (+61% YoY), but still dropped 4% in late trading. Consumer credit concerns are real.

The bigger picture: when risk-off dynamics kick in, growth stories and heavy capex bets get re-evaluated hard. We're seeing this across tech right now. Worth watching how long this sentiment sticks around.