The AI trade repriced financing risk. The vol market hasn't noticed.

Buy Short-term VIX futures — Long vol is the cleanest expression of a capex debate with no numbers attached — VIXY rose 8.1% last session and 10.5% on the week yet remains 55% below its 52-week high, which tells you how little fear is actually priced.

Sell CoreWeave — The Information flags a neocloud shakeout and CoreWeave is the most direct listed expression — it fell 11.9% in the prior session and 23.5% on the week, now 57% below its 52-week high but only 3% above its 52-week low.

Sell Super Micro — Server builders with heavy startup exposure lose orders when smaller GPU clouds fold — SMCI dropped 9.9% last session and 20.9% on the week, and at 5.9x forward earnings it is priced for exactly this outcome.

Sell Nvidia — The Information says Nvidia has 'a lot to lose' from neocloud consolidation given both GPU volumes and financing exposure; at 13.5x forward earnings and 12% below the 52-week high, the stock is cheap only if that exposure stays off the balance sheet.

Watch Nasdaq 100 — Mackintosh's WSJ column applies the railway and internet overbuild template to AI capex, and QQQ fell 4.9% last week to sit 7% below its 52-week high — the bubble debate is showing up in the tape, not just the op-ed page.

Buy TSMC — The Information says Nvidia is steering memory suppliers onto a TSMC process, deepening its role in the AI stack beyond logic; TSM is 15% below its 52-week high and fell 7.1% on the week, so the news hasn't been paid for.

Hold Intel — Nikkei Asia quotes Intel's CEO saying the foundry needs 'strong' government support, which is a subsidy ask rather than an earnings catalyst; INTC is 37% below its 52-week high despite being up 128% YTD and down 11.3% on the week.

Watch Micron — Micron is the swing factor in Nvidia's memory-process shift, but The Information gives no volumes or named partners, and at 4.2x forward earnings with an 11.1% weekly drop the market has already taken one side.

Hold Nasdaq — Opting out of the SEC's tokenised-stock framework protects the listing franchise, which is a defensive win rather than growth — NDAQ is 2.8% lower YTD and 8% below its 52-week high.

Hold Broadcom — CoinDesk names Broadcom among the objectors, signalling issuers want control over where their shares trade, but AVGO's 4.5% drop last session and 7.3% weekly fall are about AI capex, not tokenisation.

Watch Intercontinental Exchange — The OKX-ICE venue is the vehicle under attack per CoinDesk, but ICE rose 2% in the prior session and is 8% below its 52-week high — single-source issuer pushback isn't in the price yet.

Hold Amazon — Two sources confirm the 5% share commitment, which trims the value of Amazon's Anthropic stake at the margin; AMZN fell 1.9% last session and 3.7% on the week, so this is rounding error against the capex story.

Hold Alphabet — The same two sources confirm Alphabet's economic interest dilutes slightly, and GOOGL at 17% below its 52-week high has bigger things to worry about than a 5% slice of a private stake.

Sell Coinbase — Hacken's single-source report puts 77% of Q3's $1.18bn losses on suppliers and stale reviews, the exact custody risk Coinbase carries — COIN fell 5.8% last session and is 54% below its 52-week high at 58x forward earnings.

Sell Burberry — The FT reports Quince's dupe model is landing in the UK, which squeezes accessible luxury hardest, and Burberry is 16.3% lower YTD at 184x trailing earnings with nothing to cushion it.

Sell Next — Quince competes on price with mainstream UK apparel, and Next — 5% below its 52-week high and up 13.6% YTD — has the most to lose from a price war it currently wins.

Watch LVMH — The FT's dupe threat doesn't reach LVMH's customer, so the read-through is limited — but at 38.1% down YTD and 6% above its 52-week low, the luxury slowdown is the trade, not Quince.

Buy Sun Hung Kai Properties — SCMP reports 360+ flats sold across two projects in one weekend plus a 152-flat second round on Wednesday — real end-user demand and faster cash conversion for SHKP.

Buy Hong Kong equities — A sell-out primary weekend eases the biggest drag on Hong Kong sentiment, and EWH at 0.86x book, 6% above its 52-week low and up 1.0% YTD is priced for no recovery at all.

Buy Mitsubishi Heavy — Nikkei Asia reports MHI is re-opening a shipyard line for a naval resupply vessel, putting idle capacity back to work against a defence backlog that grows with Japan's budget — single source, no contract value.

Watch US aerospace & defence — Japanese naval demand is marginal for US primes — ITA is 19% below its 52-week high and down 5.8% YTD, so this is sentiment, not an earnings revision.

Sell SoFi — The Information's capital-raise thesis names no companies, but SoFi fits it precisely — 47% lower YTD, 56% below its 52-week high and 5% above its 52-week low, down 3.6% again in the prior session.

Watch Nu Holdings — Nu is profitable and self-funding at 12.9x forward earnings, making it the counterexample rather than the victim — though a 9.1% weekly drop says the market is pricing some sector worry anyway.