The tech sector once again reminded investors that even exceptional companies are not immune to changing financial conditions. Recent volatility among hyperscalers and semiconductor companies has been driven less by deteriorating business fundamentals than by a reassessment of interest rates and the bond market’s growing skepticism toward the Federal Reserve. Large tech companies continue to produce impressive earnings while investing unprecedented amounts of capital into AI infrastructure. Demand for semiconductors, equipment, cloud computing, and AI services remains robust, and corporate spending plans suggest that the long-term growth story is intact. Yet despite these strong fundamentals, share prices have experienced meaningful swings. Part of the reason lies in real yields.