The 30-year Treasury (https://www.marketwatch.com/story/the-30-year-treasury-yield-is-closing-in-on-5-2-a-surge-to-6-could-slam-stocks-fa9631fb?mod=mw_rss_topstories) is being read as a duration shock on tech multiples — correct instinct, wrong target. The real damage lands on capex-intensive industries with long ROI horizons. Semiconductor fabs have 7-10 year payback periods. AI data center infrastructure has similar calculus.

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