From AI Euphoria to Rate Reality: Semis Start to Tremble

Big things are unfolding. Geopolitical messaging was noisy and all over the place at this critical crossroads in rates, but the equity market’s message was crystal clear: Semiconductors had been largely immune to rising rates… until key breakouts in yields hit late last week. 10-YEAR YIELD The 10-yr yield put together a bullish consolidation and…