market regime
How a leveraged, concentrated long-AI book forces an unwind that hits a market maker AI complex price steady drift collateral mark prime brokers finance the book BofA Goldman J.P. Morgan returns book = equity + PB financing Situational Awareness concentrated long book megacap semis cloud collateral maintenance margin margin call threshold held forced unwind counterparty better-capitalized buyer some sold names rallied after the seller exited market maker (Jane Street) directional exposure flow franchise intact forced selling feeds back into prices loss attribution + channel roles are widely reported, unconfirmed levered positions financing absorption loss path
Drift regime: leverage magnifies gains while AI names grind higher, collateral sits above the maintenance line and no unwind path is live. Flip to Selloff to trace the forced-unwind cascade into the market maker.