This week has been a pretty wild one in markets. Some of the most popular trades of recent years — like going long software, crypto, or gold — suddenly collapsed. Of course, there are plenty of things you can point to as the proximate cause of the selloff. AI is now an existential threat to SaaS. Bitcoin has seen some unflattering headlines. The nomination of Kevin Warsh as the next Federal Reserve chair stalled the debasement trade. But the way the market functions has also changed enormously,