AI rally defies 24-yr high in Treasury yields, but risks are building

[People on busy Wall street in Manhattan] imagedepotpro/iStock via Getty Images Wall Street’s enthusiasm for artificial intelligence is helping technology stocks withstand a surge in interest rates that would normally put significant pressure on equity valuations, Bloomberg News reported Sunday. The 10-year Treasury yield (US10Y [https://seekingalpha.com/symbol/US10Y]) recently topped 5.3% while the 30-year yield reached 5.69%, their highest levels since 2002. Yet the Nasdaq 100 closed at a record Friday and has gained 22% this year. The S&P 500 (SP500 [https://seekingalpha.com/symbol/SP500]) is less than 1% below its August record, with Microsoft (MSFT [https://seekingalpha.com/symbol/MSFT]), Nvidia (NVDA [https://seekingalpha.