Tech stocks are getting hammered and some private funds are blocking investors from pulling their money out — bad news for anyone exposed to the AI boom.

• Broadcom lost $300 billion in one day after its sales forecast disappointed, one of the biggest single-day drops ever.
• Private funds like Partners Group and Blackstone are now limiting withdrawals, so investors can't get their cash back.
• These funds borrow against investor money and lend it to AI companies — if borrowers can't repay and investors all want out at once, the money isn't there.
• JP Morgan's Jamie Dimon is pitching ultra-rich clients on a SpaceX IPO, a sign of how frothy and hype-driven the market has gotten.
• Light regulation after Trump-era rollbacks let this risky lending pile up, echoing the run-up to the 2008 crash.

Outlook: Expect more funds to freeze withdrawals and more sharp tech drops, with the SpaceX IPO possibly marking the market top.