ARK Invest put out a note saying US market liquidity is reversing after hitting lows in October. They estimate about $300 billion will return to the system soon as the Treasury General Account normalizes. Cathie Wood also noted that quantitative tightening is scheduled to end December 1 and believes the Fed is turning dovish. On the AI front, ARK argues the lack of immediate productivity gains is a structural lag rather than a bubble. She cited Palantir's commercial revenue growth as proof that enterprises are spending heavily to update legacy systems before seeing results. The main downside risk mentioned was energy bottlenecks delaying data center projects. In other news, Bitcoin climbed back over $90k, Grayscale filed for a Zcash ETF, and MSTR and COIN were up slightly in pre-market.