Use SOXX's 9-session decline through 2026/10/16 to separate semiconductor demand, valuation expectations and the funding needed for AI infrastructure.

SOXX's 9-session slide: chip demand and AI financing are different questions

SVB shows how falling long-term bond prices and deposit withdrawals can interact, and why credit safety differs from interest-rate and liquidity risk.

SVB's 2023 failure: why safe assets did not mean available cash

How yen funding and leveraged position reductions amplified market turbulence—and why a rebound does not prove that all risk has disappeared.

At a glance

SOXX's 9-session slide: chip demand and AI financing are different questions

SVB's 2023 failure: why safe assets did not mean available cash

The 2024/08 yen carry-trade unwind: why funding mattered