Rising yields punish software and crypto; hardware infrastructure takes their place.
Investors who own AI at the platform layer are paying for it today, while those positioned in the physical layer of the same buildout collected meaningful gains.
Only four of twelve sectors closed higher on March 24, with Energy and Materials leading while Technology fell 0.86%, as yield curve steepening — the 2-year up 7 basis points to 3.90% — compressed multiples on long-duration growth names and rewarded real-asset exposure.
Since the last briefing
Yesterday's call positioned for a cyclical recovery led by Materials and Industrials, with the instruction to treat any Utilities or Healthcare relief as a monitoring point rather than a re-entry signal.
What drove the session and how it transmitted, the exposure table by persistence grade, where the committee disagreed, its verdict and weighting, and the falsifiers that would prove it wrong.