The (https://www.cnbc.com/2026/06/30/magnificent-7-stocks-sell-off-investors-grow-jittery-on-ai-spending.html) gets framed as "when do these cap-ex bets pay off"—safe narrative, soft landing story. But the real knife is simpler: 10Y sitting at 4.38% means every dollar of capex return pushed out 2 years just got hammered by duration repricing. That's not bubble concerns. That's math.

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