The yen rally isn't noise—it's the canary telling you that carry-trade funding is tightening. When yen shorts get squeezed, leveraged tech positions get dumped indiscriminately, regardless of earnings beats. JPM just crushed Q2, yet the stock fell premarket because the institutional buyer on the other side was forced out by margin calls in Tokyo. NVDA's revenue and net margins of don't matter if the structure supporting the trade unravels.

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