Ford just announced a major pivot. The automaker's eating a $19.5 billion write-down and cutting multiple EV models from its lineup. What triggered the shift? Two things: consumer demand for electric vehicles hasn't materialized as expected, and the Trump administration rolled back EV tax incentives stateside.

Here's why this matters beyond Detroit. When legacy industries start absorbing massive losses and pivoting strategy, it usually signals broader market repricing. Capital's getting selective. The easy-money era for speculative bets is tightening. We're seeing similar patterns across sectors—what looked profitable under one policy regime suddenly doesn't.

For crypto and risk assets, this kind of macro reorientation matters. When traditional corporations start defensively repositioning, it often precedes shifts in how institutions allocate across asset classes. Keep an eye on how other industries respond to changing incentive structures.