What is your theory of how the dominoes fall and why?

My understanding of this situation (ahem) is that SI was highly leveraged and where tech (ai and adjacent) stock prices fell, they got margin called ABs were forced to liquidate. Why would this lead to cascading events beyond SI? It appears to have been a very orderly liquidation. No counterparties are reported to have been blown up. Nothing systemic.

On the one hand, replacing software devs with AI is enormously profitable, on the other hand bad-actors can distill these models with industrial attacks and undercut pricing or release an open model... how does it all play out ? idk.

Stocks are back up so it looks like a fakeout.