Tech Selloff & AI Reckoning: Equities, CalPERS, and AI Spending Collapse
Hedge fund favorites suffered their worst day since 2011, CalPERS is pulling back from Big Tech, and data shows AI token spending has collapsed over two months — with market watchers split on whether this is the bottom or the beginning of a bear market.
What we know
An account on X headlines 'Hedge Fund VIPs Suffer Worst Day Since 2011' — two-thirds of S&P 500 stocks rallied but concentrated hedge fund positions got crushed. Another account on X reports CalPERS is retreating from Big Tech as the AI rally falters. @FT notes the yen is rallying as a flight-to-safety trade. Another account on X warns the Nasdaq 100 Equal Weight index is at a critical support trendline — a break below = 'officially in a bear market or crisis.' another account on X goes further, claiming AI token spending has 'completely collapsed' over the past two months and that Anthropic/OpenAI pre-IPO investors are panicking to go public. Tom Lee counter-argues that we're near the end of the AI selloff. Separately, another account on X RTs Gergely Orosz crediting Dario Amodei's prediction that Chinese AI models would catch up within 6–12 months — now playing out 5 months later.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.