Narrative-driven risk assets will face headwinds during Kevin Warsh's Federal Reserve era, with the biggest risks being AI and cryptocurrencies. The sharp drop in Microsoft's stock price after its earnings report shows that savvy investors have realized the consistency between AI and crypto in terms of financial characteristics. For 26 years, we will equally short gold, silver, Bitcoin, Nvidia, Tesla, SpaceX after its IPO, and other toxic assets that cannot generate real and healthy cash flow. Buffett is going to win again.