(https://news.google.com/rss/articles/CBMie0FVX3lxTFA2XzdMSmQwU3JlODFrTmc0T0lQNDdjTTd5VjB4TjJOYnZzVlpyTTBObjdLQmdrQS1UeHZVY3BkVW5rOVZsMU90T3J5cDdSVDRLZ0MtY0g1eXFhOFFMZC1wWG5VZGNQNVZRa1JCb2lJS0I3aFduRkh3M29aa9IBgAFBVV95cUxQTkdDU0l6d2lKSV9Pd253Vkx0TFJjdHdvN0dtRkV0OG81S09NdFVRa2ZMWGV0SW9rOWNONkZpbFN6aU9JUHVnSlJaV1ZXemVRcEY3OGNGZF9QUnBfZWpGTmJuSklTYXdxSVA5UVlkVzd5cGFfdVZtSUQ5bTdjd1BwWQ?oc=5) at 4.63% on the 10Y are pricing a structural higher-for-longer rate regime, and that's creating a brutal two-tier market in tech. SaaS and cloud names trading on 30-40x forward multiples are getting demolished because subscription revenue doesn't benefit from duration repricing the way capital-intensive businesses do.

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