Private credit funds are locking redemptions as Deutsche Bank hits new lows, signaling a liquidity crisis for the AI sector. This credit crunch threatens to halt data center expansion and hammer tech stocks reliant on debt financing.

Scarce sectors like energy and utilities are crushing abundant industries like technology, delivering 12.31% year-to-date gains compared to just 3.55%. Investors are favoring supply-constrained businesses over easily scalable ones.

The Dow plunged 739 points as US-Iran conflict fears drove oil toward $100, hammering tech stocks. While energy giants ExxonMobil and Chevron bucked the trend, markets now look to the Fed as inflation risks mount.