Goldman: AI Most Fragile Link If High Bond Yields Persist

The notable shift here is that AI is being framed as a rate-sensitive sector rather than a purely secular growth story, which matters because it links the technology trade directly to the bond market's path. The asymmetry Goldman outlines is the real signal: a modest drag now, a much larger one if yields hold, meaning the risk is conditional on duration rather than a one-off repricing. Whether yields stay elevated for another quarter or two is the open question, and that is what determines if the drag stays contained or broadens.