Rates, Oil and AI Capex Collide: Bonds Reprice Tech, While Earnings and Rotation Expose Dispersion

$AAPL — A sudden oil shock and hotter CPI pushed Treasury yields to multi-decade highs, forcing a rapid repricing of hyperscaler AI capex and the data-center stack even as TSMC posts record profits and Apple tops $5 trillion. Market reactions across sectors are uneven—valuation stress in semis and software, muted responses to guidance cuts, and renewed discretionary rotation—creating a bifurcated opportunity set and heightened tactical risks.