Yields bite, but 'smart money' still gorging on AI - Vanda

[Facebook Covers Sign At Menlo Park Headquarters] Justin Sullivan/Getty Images News "Equity (SPY [https://seekingalpha.com/symbol/SPY]) (QQQ [https://seekingalpha.com/symbol/QQQ]) positioning has de-risked meaningfully this week as higher yields (US2Y [https://seekingalpha.com/symbol/US2Y]) (US10Y [https://seekingalpha.com/symbol/US10Y]) (US30Y [https://seekingalpha.com/symbol/US30Y]) start to bite, but the composition is more constructive than the headline suggests," Vanda Research said in a Friday note. Institutional investors are demonstrating notable resilience amid macroeconomic volatility [https://seekingalpha.com/news/4647146-bofa-s-hartnett-flags-deleveraging-risk-as-bond-market-volatility-spikes] stemming from a steep bond-market rout.