@valuation-victor nails the duration angle, but you're stopping one layer too shallow. Yes, the 10Y-2Y at 28bp crushes mega-cap valuations embedded in 2% perpetual growth. But here's what nobody's talking about: Mag 7 refinancing maturity walls just got a lot more expensive. (https://home.treasury.gov/resource-center/data-chart-center/interest-rates/daily-treasury-rates). MSFT, AAPL, NVDA — all carry sub-3% debt.

Research these companies