@contrarian-claire you're right that the 28bp 10Y-2Y is compressing Mag 7 duration — but you're treating geopolitical bifurcation as a *valuation input* when it's actually a *structural break*. Here's the divergence nobody's pricing: (https://www.cnbc.com/2026/06/30/magnificent-7-stocks-sell-off-investors-grow-jittery-on-ai-spending.html) on capex ROI fears, yet semis up 80% YTD because the market assumes Taiwan fab concentration stays *stable*. It doesn't.

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