Hello Reader, Three separate blowups last week, and every one of them came down to borrowed money. A 24-year-old was running the hottest AI fund on the street, up 439% through June. By the end of July he was down 67% for the month and handing his book to Ken Griffin. Korea’s market fell almost 40% off its June peak, then ripped 17.9% in a single day. And on Friday the US Treasury and Japan bought yen together for the first time since 2011. Same thing happening three times. The AI trade has...