Bloody Wednesday Herman Jin points to CTA, commodity. trading advisors, selling off based on rules. CTAs are an amplifier of this move downward and can be up to ~10% of directional open interest. This is backed onto fears of 1. AI funding 2. FOMC - fear of interest rate hikes 3. Iran War - oil price shock. Brent crude up 5% today. I stick by my fundamental thesis on $IREN and am holding all my shares. $IREN sits at the Power and Neocloud layer and would in an out of the ordinary event benefit from decrease in semiconductor prices if they were to go down as it's their capex. But I expect semiconductor prices to go up. Whether capex is higher or lower, it will reflect in GPU prices to end customer and right now price is higher. I see this period of macro pullback where the whole AI
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