Live from Miami Beach at the I Connections Global Alts Conference. This is Fast Money. We are back after our Olympics break. I'm here with Dan Nathan and Guy Dami. We're sorry to all the curling fans who miss the sport, but we are back. Here's what's on tap this hour. Market shockwaves from tariffs to credit concerns. There's no shortage of

risk weighing on investors' minds today. We'll break down the details and how it impacts your money

and financial fallout of private credit stocks leading the market losses today as the ripple effects

from Blue Owl weigh on investors. We'll talk with one top investor about what's next for the sector.

Plus Bitcoin breaks back below the $65,000 mark. Novo's latest trial result sends a stock to nearly five-year lows. And we're tracking the fallout from the storm, blanketing the northeast, the impact on airlines, energy, and much more. But let's get right to it, because we've got a lot to talk about interesting markets. We haven't talked to you guys in a couple weeks. Hold on. Did you, did you miss us? Be honest. Of course I did. Are you sure? Yes. Two weeks is a long time. It is a long time. You have a lot to say, I bet. Well, I always do. I'll say this. You know, the software part of this equation started whilst we were still on television. Yes. What's happened over the last two weeks is all of a sudden credit is first and foremost on everybody's mind. Blue Al will talk about crypto does not bounce at all. Now it's sort of making its way into the banking sector. And you have to ask yourself, so the pillars of the market just being knocked out one by one. Yeah, you know, this is a theme we've been talking about, at least on this show for a while, is like when you think about all the enthusiasm about this AI trade, and it's been going on for a while, and it's broadened out, right, over the last couple of years or so, but some of the early leaders have stalled out, right? and what's going on on the disruption front, whether it's like the software

thing, it's been my view that all of a sudden we have something that looks a little bit like

the 2000 period when we had the dot-com thing implode and then into the financial crisis because

a lot of this buildout has been financialized in a way that it was not in the late 90s and it seems to be

all converging at once. And the thing that struck me is that the S&P is down less than 2% from its

all-time highs. There's a level of complacency about this, but if you look under the hood,

it's actually one of the sorts of periods that I can't remember where we've seen so much

devastation in two or three really important parts of the market. periods that I can't remember where we've seen so much devastation in two

or three really important parts of the market.

I mean, you mentioned this in terms of sort of hitting the sectors.

I mean, IGV, the software ETF.

For a while, it was able to hold around 80, you know, maybe 79, but today it broke.

We're back at levels not seen since 2023 and now hitting the financials. It just seems like we're going back at it and we're hitting even harder. We're going deeper. You know, Microsoft obviously in the crack staff who is back in EC, and I missed them all, by the way. And by the way, to get to EC, that was a feat. So kudos to them. Yeah. to them. But if they can put up like a four or five year chart in Microsoft, you'll see we're at levels. Basically, we were three years ago. Microsoft over the last three years, despite the fact that made an all-time high in the fall of last year, is right back where it was three years ago against a broader market that's unwell. So you mentioned IGV, but now you're seeing it obviously in the software

name, Salesforce, Adobe. It's not just one name. So that is manifesting itself, I think now across

a swath of sectors, financials being one of them. There was this love affair with financials,

but now it's sort of self-first asked questions later. So that made its way from the private equity

name. Now it's making its way into the banks.

So do the markets overall crack? I mean, we had been able to maintain at the sort of at the index level, you know, very close to record highs, but we knock out financials. We we knock on the door of industrials. I mean, all these different sectors. Well, it's a long way from the crack to the break, right?

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