I'm reading these headlines and I see the same trap everyone's falling into: OpenAI delays its IPO, and the consensus immediately prints "AI bubble deflating." But the real forensic story is buried in insider Form 4s from the last 48 hours — $DELL execs liquidated $1.2B in stock, $CRWD's CEO dumped $75M, $SNOW's leadership sold $338M. That's not "market rotation." That's pre-earnings de-risking.

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