I'm a bit late to the show, but that's quite an upset. Of course Korda is the type of player who on a good day can beat really good players. Too bad those days are super rare, as he has the talent to be a top 10 player, imo. But I'm of two minds about Alcaraz's loss. On one hand, his Sunshine Double results this year are almost exactly the same as last. After Miami last year, he went on an absolute tear, reaching nine finals in a row and winning seven of them, and of course winning three of the next four Slams.
On the other, his play the last two tournaments reminds us that he has a tendency to lose focus and/or be somewhat undisciplined - at least for short spells. I think 2025-26 Carlos, which may be peak Carlos, has seen only very short dips. But I do wonder if 2025 is about as good as he's going to get. It is plenty good; by my assessment, it is still one of the 25 best seasons of the Open Era (late last year I was playing with a top 50 seasons of the Open Era ranking, but never pinned it down; I had Carlos' 2025 in the #20-25 range (I had Jannik's 2025 in the same range, with his 2024 a bit higher in the 15-20 range). But he hasn't (yet) shown the even dominance over a full year that you can see in the 5-10 best seasons of Open Era history.