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\section*{Highlights}
\begin{itemize}
\item 7.7 billion one-minute bars, full U.S. cross-section incl.\ delistings, 1992--2026
\item Isolated $6\sigma$ shocks show zero market-wide propagation vs matched placebos
\item Propagation is network-concentrated and tripled from the 1990s to the 2020s
\item Epps effect vanished: one-minute cross-correlations rose from 0.00 to 0.30
\item Extreme minutes fell $\sim$56-fold, but synchronized co-jumps spike in crises
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