unwind

Most people didn’t expect to see an “accelerated” unwinding of previous OPEC+ production cuts, said Lynch.

That puts it in a dangerous position, particularly if rate-cut bets start to unwind again.

“For the major indices, another encouraging sign that this sell-off is more of an unwind tied to monetary policy and liquidity is that earnings revisions breadth remains resilient,” Wilson added.

Now it’s leveraged U.S. equity positions funded by — well, we’ll find out when that unwinds too.

Nvidia and other hardware suppliers would see orders dry up if the AI trade unwinds.