Macro Risks: Rising Yields, Leverage, and AI Concentration

30-year Treasury yield near 5.28%, record margin debt $1.5T, hedge fund leverage elevated. AI capex concentration risk (0.85pp GDP in one year) and tech hedge fund losses (7% in July) signal vulnerability. Nvidia's $500B PE-backed AI funding deal raises circular demand concerns; Michael Burry skeptical. Market rotation from mega-cap tech to industrials underway. Warsh Fed hawkish stance.