AI fear is back. The vol market is still asleep.

Buy Frontline — FT alone notes ships rerouting around the Gulf, which adds tonne-miles — Frontline at 9.8x forward and 14% below its 52-week high is the one piece of the complex paid for distance rather than fear.

Hold Energy equities — XLE is 1% below its 52-week high and up 49.3% YTD on the same premium, at 19.4x trailing earnings with no cushion if FT's export data holds.

Sell Airlines — Fuel is an airline's largest variable cost, and JETS is already -6.6% YTD and 23% below its 52-week high, so a sustained crude premium lands straight on margins.

Watch Crude oil — Bloomberg reports crude advancing on the Shaybah attack while FT's 24.6mn b/d export figure undercuts the scarcity case — at 2% below its 52-week high and +131.7% YTD, USO is priced for the headline, not the flow.

Buy Short-vol futures — Haven money is showing up in Treasuries while VIXY sits 5% above a 52-week low and -34% YTD — cheap protection if the earnings misses are a cycle rather than a quarter.

Sell Nasdaq 100 — Bloomberg ties the retreat to tech earnings missing high bars, yet QQQ rose 1.05% last session and sits only 5% below its high at 27.8x trailing — the market has not repriced the misses.

Buy Long Treasuries — Bloomberg reports the long end at a one-month low yield on AI-fuelled haven demand, and TLT at 5% above its 52-week low is a haven trade with the crowd not yet in it.

Sell Ultrashort Treasuries — A leveraged short-duration position loses twice if the haven bid holds, and TBT at 9% below its 52-week high after a 14.1% YTD gain is where the pain trade now sits.

Sell China large caps — Bloomberg alone flags the bear-market threshold with no stimulus in the pipeline and FXI at 6% above its 52-week low after -17.3% YTD, so the air pocket below is intact.

Sell China broad — MCHI closed at its 52-week low with a 19.6% YTD loss and 10.9x trailing earnings — cheap is not a catalyst when the selling is coming from the AI unwind.

Watch Emerging markets — China is the biggest EM weight, but EEM is +13% YTD and 21% above its 52-week low — contagion is not yet in the price, which cuts both ways.

Sell Alibaba — Bloomberg links the 3.9% one-session drop directly to the regulatory summons; at 11.2x forward and 43% below its 52-week high, the downside is unpriced until the standards are published.

Sell PDD Holdings — PDD is the second operator in the room and already down 32% YTD at 6.4x forward — cheap, but the same unspecified compliance bill applies and it fell 3.6% last session.

Sell China internet — The basket carries both platforms plus the AI unwind, and at 2% above its 52-week low with a 33.4% YTD loss there is no technical floor underneath it.

Sell Gold — Bloomberg reports gold falling on the oil-driven inflation channel into the Fed, and GLD at 5% above its 52-week low has no haven bid to lean on.

Sell Gold miners — Miners lever the metal's move — GDX is 26% below its 52-week high and only +1.2% YTD despite a year of geopolitical headlines.

Sell Copper — Bloomberg reports copper falling directly on the AI risk-off, and CPER at 5% below its 52-week high after +13% YTD has the whole move still in front of it.

Sell Freeport-McMoRan — Freeport's 32.7% YTD gain and 15.8x forward multiple leave little room if the metal keeps trading as AI beta rather than on Chinese demand.

Sell Copper miners — Miner equities amplify the metal, and COPX is already -3.5% on the week and 22% below its 52-week high with only +6.8% YTD to protect.

Buy CrowdStrike — FT alone ties the emergency patch cycle to AI-found flaws; CrowdStrike at 148x forward and 17% below its 52-week high is a real demand story with no valuation cushion.

Buy Palo Alto Networks — Palo Alto at 71x forward is the cheaper platform route into the same remediation spend, and it is 6.2% lower on the week.

Buy Cybersecurity — The basket is 7% below its 52-week high and up 45.9% YTD — the beta expression when single-name multiples are this stretched.

Hold Cloudflare — Cloudflare gained 5.3% in the prior session and trades at 183x forward — the WAF thesis is right, but the price already assumes it.

Sell Indonesia equities — Bloomberg alone reports the 100-plus participant call and the double-downgrade threat; passive selling is mechanical, and EIDO already sits 10% above its 52-week low after -44% YTD.

Buy Dollar-rupee — FT alone quantifies the defence at about $90bn sourced from diaspora deposits — spending at that scale slows the slide rather than reversing it.

Sell India equities — Reserve spending tightens domestic liquidity, and INDA at 5% above its 52-week low with a 13.4% YTD loss has no cushion for that.