Markets are not capitulating. They are re-calibrating. Indices remain close to highs. Credit spreads are orderly. Earnings, in aggregate, continue to grow. Yet beneath that surface stability, assumptions are being quietly rewritten - about technology, liquidity, inflation, policy credibility, and institutional durability.

If Week 1 was about discrimination, and Week 2 about regime transition, this week feels like confirmation: We are operating in a whole new world (again)!. Not because growth has collapsed. But because capital is being redeployed under a different...