Created to fill the gap surfaced by a coverage sweep: all 15 active perspectives were bull/secular-long theses (memory-supercycle, ai-power-bottleneck, optical-supercycle, nuclear-fuel-cycle, cpu-shortage, …) — nothing tracked the risk-side / rotation regime that's the dominant market event. It lived only as point-in-time digests (the rotation map + rotation playbook, both 2026-06-26), not as a living thesis with triggers.

Filed under THESIS.md Pillar 4 — Capital Cycle & Liquidity (the 🟡 FILL slot): the mega-cap-growth unwind is a capital-cycle phenomenon (capital over-rotated into the AI buildout, now digesting). It is the explicit risk-counterweight to Pillars 1/2 and a regime lens for the real trend-hold book (not the paper/auto personas).

Seeds: rotation map + rotation playbook digests; the macro-pundit convergence (@charliebilello "semis +107% / Mag-7 −8% / capex forever?"; @KobeissiLetter 17-name "tech giants from record highs" list). Price truth: summaries *.json, 06-25 close.

Initial read: rotation, not reckoning — the quality-dip mega-caps (GOOGL/AAPL/AMZN/ AVGO) pulled back with golden crosses intact, breadth (RSP/VTV/IWM) at highs. Flips to "reckoning" only on (a) a hyperscaler capex guide-down, (b) the golden-cross mega-caps rolling into death crosses, or (c) the breadth winners rolling over. The leading tell is hyperscaler capex guidance on the next earnings cycle.