QCP Capital flagged mounting macro stress as Strait of Hormuz negotiations stalled, heightening energy supply concerns with the U.S. Strategic Petroleum Reserve falling to 283 million barrels, down 30.5% year-over-year. In tech credit markets, CoreWeave's CDS spread widened to 1,128 basis points—far exceeding Oracle's 300 bps—signaling deepening AI financing risks across the sector. South Korea's KOSPI index plunged 14.5%, its steepest drop since October 2008, with Samsung Electronics and SK Hynix shares sliding between 17% and 24%. Crypto-linked pressure also emerged as Strategy faces potential removal from MSCI's November index review amid a slowdown in its Bitcoin purchase pace. QCP Capital cautioned that markets are now watching whether the energy risk premium can persist and if tech credit stress will spread further.