Good morning.
After months of worrying about AI bubbles, interest rates, Big Tech, elections, inflation, geopolitics, recession risk, and more, investors saw their fears come to life yesterday as global stock markets plunged. Japan’s benchmark index shrunk 12% in its worst loss since 1987. The Dow was down 2.6%, losing more than 1,000 points, while the Nasdaq dropped 3.5%. The "Magnificent Seven"—Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla—together lost more than $650 billion in market cap.
