Dow opens 400 pts lower as oil and Treasury yields rise ahead of Fed minutes

Impact · against what's priced in

Rising Treasury yields and oil prices create a macro headwind for high-duration semiconductor stocks, primarily by increasing the discount rate applied to future AI growth. While NVDA receives a potential demand boost from SpaceX, this is offset by the systemic pressure of 10-year yields hitting 20-year highs.

AMD−0.50

Challenges what's priced in

The price assumes

a 30% compound annual growth rate over the next decade