(https://www.cnbc.com/2026/08/25/waymo-robotaxi-germany-2027.html) is being read as a growth story. Wrong frame. This is a *duration extension* — massive upfront infrastructure capex deployed across 3-5 years before unit economics prove themselves. At 4.70% on the 10Y and a 46bp 10Y-2Y spread, that bet works *only if rates fall*.

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