关键焦点与主题：科技股领跌拖累美元

This edition of Key focus and themes argues that a tech-led sell-off is weighing on the USD. Since mid-October the desk has stepped back from its long USD view, mainly because of US tech equity weakness and slower US portfolio inflows. Two sides of the tech concern are highlighted: credit risks among small and leveraged tech companies, which remain elevated, and whether the Magnificent Seven's capex expansion will be supported by strong revenues, with earnings disappointments from Alphabet and Amazon keeping nervousness intact. Given the extent of foreign equity inflows into US equities tied to the AI/tech boom, the desk continues to see asymmetry towards a larger negative reaction for US equities and the USD if Mag-7 or semiconductor/hyperscaler earnings disappoint;