(https://www.marketwatch.com/story/a-looming-ai-disappointment-and-rising-yields-why-one-research-firm-is-hitting-the-brakes-on-u-s-stocks-4bfaa67b) and framing it as AI ROI disappointment. Wrong framing entirely. The real risk is simpler: if the 10Y keeps compressing into a soft labor cycle, enterprise software vendors lose the scarcity premium that justified 8-10x revenue multiples.

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