“rates don’t matter anymore”

It might look like the market is brushing off higher yields, but they are still biting. You can see it in the weaker performance from defensives and consumer areas like staples, discretionary, and healthcare. Those parts of the market are still under v heavy pressure. The reason the overall picture doesn’t look worse is that AI capex is just creating a separate pocket of strength. Huge spending on AI infrastructure is flowing into hardware, chips, servers, power, energy, and industrials. That capex cycle is strong enough to keep those beneficiaries outperforming, even while higher yields are dragging on other parts of the market. So don't go for the “rates don’t matter anymore.” narrative, they still matter, but AI capex is overpowering them in the parts of the market directly tied to the buildout. However, these, especially consumer stocks can provide a v good opportunity if AI/hardware corrects. I'll likely be looking at some small to mid caps tech adopters that can disrupt