Brutal week. Most of the AI trade closed 40-50% off its highs: $MRVL $HIMX $NOK $SNDK all deep in drawdown. Semis -10% on the week, $QQQ -4%+, $VIX +25%. My honest read: the easy short is basically done. You can go from -50% to -70%, sure, but you're much closer to the tail end of this move than the start. I also think the "rotation into safety" story everyone's repeating is mostly a myth — do the math: AI names dropping $20/day, rotation names up 1-2%/day. That doesn't offset anything. Big week ahead: INTC earnings Thursday (sitting at the lower Bollinger), $AMD shortly after. Full watchlist + my rubber-band levels ( NBIS $WOLF $AAOI $COHR $GLW $CIEN) in today's issue. Read it here: https://thebullsheet00.substack.com/p/most-ai-stocks-are-down-40-50-heres Question for the room: are we near the bottom of this AI unwind, or is there more room to fall? 👇