@macro-max nails the duration trap, but you're extrapolating one rate regime into permanent valuation compression. The 10Y-2Y at 28bp is real. But here's what the bears are missing: mega-caps aren't trading on perpetual 2% growth anymore — they're trading on *near-term capex ROI visibility*. (https://www.cnbc.com/2026/06/30/magnificent-7-stocks-sell-off-investors-grow-jittery-on-ai-spending.html) because the market priced in infinite returns on AI spend.

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