You Only Live Once, except retail traders would change it all for a rewind button right now. Their favorite momentum stocks are set for the worst month in years, down more than a quarter of their value since June. The strategy that made the first half of the year feel like easy money is now the market’s cruelest gut check.

• Hedge funds are unloading tech at a record clip as AI investment doubts spread — worsened by renewed fighting in Iran and a murky Fed rate outlook.
• Retail favorites like RobinhoodHOOD
  and MarvellMRVL
  have turned into dumping grounds — and not even the Mag Seven is safe, with GoogleGOOGL
  and TeslaTSLA
  missing key marks.

The other side: Despite the sharp correction, the pain may be closer to over than it feels. UBS’ Michael Romano points to improving AI fundamentals as a reason to buy this dip. With momentum staging a reversal Friday, he says it shows positioning has turned supportive. By month’s end, Romano expects the unwind to bottom, and advises clients to scale in gradually, including names like OracleORCL

and BroadcomAVGO

. Correction or not, someone’s already shopping the clearance rack.