Tech Has Ignored Rates For Months. The Bill May Be Coming Due
Rates are starting to bite
The long end is breaking higher as sovereign issuance collides with an exploding AI debt cycle, and tech is finally showing some sensitivity. Underneath, semis are losing support, credit stress is diverging from tech vol and breadth remains unusually fragmented. Nothing has broken yet, but some of the market's biggest divergences are starting to get tested.