Venu Krishna notes European allocators are now re-engaging with the US equity rally. He argues the AI narrative has broadened beyond hyperscalers to include memory, storage, and industrials. He is not worried about mega IPOs crowding out other investments, as history shows no meaningful impact. His main concern is what could break the AI narrative, and he flags rising 10-year yields (approaching 5%) as a risk to valuations.
explicit
explicit
RUT
Oil
Metals
USD
Barclays
8.5
Investment Bank $1600.00B
Venu Krishna 9.0
Investment Bank $1600.00B
Venu Krishna 9.0
5/29/2026 12:40:23 PM
ndx
The key narrative, overwhelmingly, is the AI narrative.
| 11/12/2025 8:42:17 PM | short term up | 5 days later | -1.96% | -1.96% |
| 8/20/2025 9:11:56 PM | short term cautious down | 5 days later | +1.65% | -0.83% |
| 8/6/2025 9:12:58 PM | short term up | 5 days later | +1.92% | +1.92% |
yields
The 10-year yield is close to 4.6%... historically we have noticed a very clear pattern of a negative correlation between equities and rates nominal rates at the 5% threshold.
| 3/27/2026 1:02:17 AM | medium term cautious up | 21 days later | -2.12% | -1.06% |
| 9/17/2025 9:24:37 AM | medium term cautious down | 20 days later | +0.61% | -0.30% |
| 9/10/2025 11:46:49 AM | short term up | 5 days later | +0.37% | +0.37% |
| 9/9/2025 6:50:22 PM | short term cautious down | 5 days later | +0.05% | -0.02% |
| 9/8/2025 5:00:31 PM | short term cautious down | 6 days later | -0.98% | +0.49% |
