Everyone’s saying the S&P is about to crash, but I haven’t seen enough reason to believe it. The election on the 3rd is just a pretext—capex and valuations have been on the table for a while, yet the market has taken a knife to the entire AI chain. Contract open interest is at a record high, which often means a reversal is coming; when volume and price diverge, you have to take notice. Nothing’s changed about the business models, gross margins, or barriers to entry. What do you think?