It's a bit alarmist/conspiracy theorist but the amount of volatility and aggressive moves that historically lowish vol assets have experienced over the past 6-12 months would suggest the confluence of leverage + new behaviors from scaled players is some material driver. Some of this is macro (many pulling out of US treasuries) and perhaps some sector specific (software nuking on headlines, which again, if you can spot momentum you could exacerbate to arb) but the fact that this comes as frontier model performance inflects *and* many of the firms have scaled up their LLM teams over past 24 months...it just feels highly unlikely there isn't some correlation here, especially because to my understanding, so much of the strategy comes down to specific asset/market selection to point the systems at, and that asset selection alpha typically erodes after some <1.5 year timeline at these firms as people move between firms (Jane St. noticeably being the firm that has lowest attrition).