Worst Since COVID: Morgan Stanley Sifts Through A Record 70% Tech Momentum Crash, Rock-Bottom Hedge Fund Nets And "Deep Fear"

Everyone wanted the midterms to be the starting gun. They got one... it was just pointed at the AI trade.

That, more or less, is the theme of the latest "Global Reflections" magnum opus (it feels like each one is longer than the last with the latest note clocking in at 39 pages) from Morgan Stanley desk specialist Nick Savone (available to pro subs), who this week swapped last weekend's "final splash" for the New York City Marathon. It's a fitting metaphor for a week in which investors spent two days sprinting in opposite directions: