$3 Trillion Wiped Out In Days: This Breaks Next | Jay Singh

Transcript-based desk brief

Jay Singh of Special Situations Research described a sharp equity selloff, with the S&P 500 down 4% and front-month VIX futures around 24, which he argued did not yet indicate capitulation. He attributed pressure to AI-development restrictions and hedge-fund unwinds, and projected $52 billion of leveraged-ETF rebalancing sales the following day; these are his explanations and estimates, not established outcomes. For gold, further deleveraging could create liquidation pressure, while risk aversion could support haven demand. Reported lower nominal Treasury yields alone do not establish a supportive real-yield move.