AI doubt hits bonds harder than it hit tech stocks

The 10-year Treasury yield fell 19.3 basis points on Thursday, its biggest one-day drop since March 2023, as a second straight session of tech selling spread into global bonds, with Bloomberg tracking the move spilling into German and UK gilts by Friday morning. Two-year notes led the rally, the detail that matters: investors aren't just fleeing risk, they're betting the Fed won't hike again. Weak earnings guidance from AI-adjacent names did the damage, reviving the question of whether hyperscaler capex will ever generate matching returns. Brent crude sitting above $112 a barrel at the same time is the awkward part, because falling yields and expensive oil don't usually show up together, and one of them is going to have to give.