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🚨 Jane Street’s Reported $15B July Loss: What Does It Mean? The key issue isn’t that AI is “dead”—it’s position concentration and a sharp style reversal. AI, semiconductor and storage names faced heavy selling, forcing crowded trades to unwind. For crypto, the message is simple: liquidity is still rotating, and even sophisticated players can face major drawdowns. Short-term valuations may need to reset, but the broader AI infrastructure thesis isn’t necessarily broken. $BTC $ETH