The stock market didn’t crash this week. But after a seven-month spasm of retail-borne speculation, parts of the casino started clearing out.
Cracks emerged across the risk-on landscape as bloated valuations and fresh doubts over the real-world payoff of artificial intelligence dragged US tech stocks to their worst week since April. Losses in megacaps like Palantir Technologies Inc. and Oracle Corp. rippled through leveraged ETF and meme trades.