US 10-Year Treasury Yield Tops 5% as Investors Flag Bond Risk Over AI Bubble

The notable shift here is compositional rather than directional: rising yields have displaced the AI trade as the top perceived risk in a widely followed fund manager survey, which suggests positioning is being rethought around duration rather than around equities alone. The mention that some global funds have closed long-standing underweights to Chinese equities hints that this rotation is already touching allocation decisions, not just sentiment. Whether that reallocation persists, or proves a short-lived hedge against bond volatility, is the open question worth tracking.