While the sharp surge in 10-year Treasury yields past 4.8% and spiking rate-hike odds (~70%) reflect real market anxiety over stickier inflation and elevated energy costs, writing off tech and AI capex completely would be premature. Market caps and valuation multiples for long-duration tech will certainly compress under higher discount rates in the short term, but cash-generative mega-caps (like Microsoft and Nvidia) fund the bulk of their massive AI infrastructure out of robust operating cash flows rather than expensive debt markets. While rotating into high-cash-flow defensive names or holding energy as a tactical hedge is a sound defensive strategy ahead of ADP and payroll data, the structural thesis and multi-year capex commitments for AI infrastructure remain heavily intact beyond short-term Fed policy swings.