Investors are fleeing risk after weak AI-related earnings, Middle East tension, and France's debt troubles, pushing money hard into safe assets like US Treasuries and the Japanese yen.

• Tech company earnings raised doubts about whether massive AI spending is actually paying off, triggering a sharp sell-off in chip and tech stocks.
• Investors rushed into US government bonds, driving the biggest one-day bond price jump in over a year and pushing the 10-year yield below 5%.
• The yen and Swiss franc both jumped as classic safe-haven currencies, while the euro slipped on France's worsening debt crisis and high energy costs.
• A deadly attack in Saudi Arabia pushed oil prices higher, but instead of fueling inflation fears, markets are now more worried that expensive oil will slow down economic growth.
• Traders pushed back their bets on the next Fed rate cut from December to January, showing reduced confidence that the economy needs cooling.

Outlook: Confidence in AI-driven stock gains looks shaky, so expect continued safe-haven buying in bonds and the yen until earnings worries ease or central banks act.