The asset base of the entire financial system is being repriced as the allegedly safest assets, sovereign bonds, become part of the riskiest ones…

We are living through an abrupt tightening of financial conditions driven by the slump in confidence of the alleged lowest-risk asset, sovereign debt. And it is directly affecting the stocks that benefit the most from excessive liquidity, namely tech names. These companies have the highest net present value effect from monetary inflation, thanks to their high short-term growth and high margins. They also suffer the sudden tightening faster and more aggressively.

https://www.zerohedge.com/markets/everything-bubble-bursting-real-time