Juicing AI with Photons

AI capex sentiment, not the Fed or oil, is now the dominant swing factor for long-term interest rates and growth-value rotation.

• AI build-out now drives rates: Siegel says long yields track AI capex sentiment more than oil or Fed policy; a capex-doubt scare sent 10yr yields below pre-CPI levels.
• Sharp growth/value rotation: Nasdaq fell ~250 points same day Dow rose ~250; Siegel compares risk to 2000 dot-com crash but notes Nasdaq trades 22-24x forward earnings vs ~100x then, capping downside at 5-10% for S&P.

Themes, sentiment and reasons are AI-written paraphrases, checked so they never quote an episode. They may contain errors. Not investment advice. Episodes remain the property of their creators.