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This is the Bloomberg Surveillance Podcasts,

I'm Jonathan Ferro, along with Lisa Abramwitz and Anne-Marie Hordern.

Join us each day for insight from the best in markets, economics and geopolitics.

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We'll begin this out with stocks adding to losses following the NASDAQ 100's biggest two-day drop since October.

Lizanne Saunders of Charles Swab writing cartilage in software stocks likely tied to the nature of

speculation in the AI space. Headlines and even a slight change in the narrative can result in

fierce moves. Lizanne joined us now for more. Lizanne, we have

seen some fierce moves. Welcome to the program. We've seen them in precious metals, massive

de-leverage in there. We looked at Bitcoin earlier on this morning. A break is 70,000 software,

more recently hammered private market firms too. Is there a common thread to the deleveraging

we've seen in each individual pocket of the market? Well, thread to the de-leveraging we've seen in each individual

pocket of the market? Well, I think the de-leveraging piece, John, is an important part of it.

When you look at how much leverage had built into things like the gold trade and the silver

trade and then the fact that you had the CME raise margin requirements. That pushed a lot of speculators out fairly

quickly. There was de-leveraging there. Anytime you have margin issues, raising of margin requires

margin calls, that has feeders into other high momentum areas. I really think one of the threads,

too, is that rotation is the new momentum traits. So there's a lot of money

positioned to find not just the shiny new object, but what's the dull new object and kind of chase

...