A big AI trade rescued the stock market. A niche bet on Bed Bath & Beyond sank amateur day traders. A buy-China call backfired on investing pros. A slew of trades around the world, from bank bonds to cryptocurrencies, either blew up or rocketed higher against expectations this year. Short-seller attacks on Adani’s empire in India took a surprising turn. Crypto diehards got a shot of redemption. So-called bubbles, like ESG, deflated. The irresistible force behind much of the action: the Federal Reserve’s disruptive monetary-tightening campaign, creating new winners and losers in its wake.