[Hong Jang-won's Bull & Bear] Bond yields surged, but stocks hit another record high. How long can this uneasy coexistence continue?

It reports that the 10 year Treasury yield reached 5.35% intraday, its highest level in 24 years since 2002, while the Nasdaq simultaneously posted a record closing high, with synchronized intraday movements also observed. It introduces BofA's Hartnett's view that stocks reflect a railway boom while bonds reflect a bubble collapse, and compares the 42% market capitalization concentration in 10 large AI stocks with past bubble peaks. It notes that surging high yield spreads for CCC and below had signaled market peaks 4~6 months in advance, highlighting credit market strains amid narrowly based stock gains. The first argument presented is the bullish technology stock view that a few bp of interest rates are meaningless in the face of unlimited AI benefits and winner takes all outcomes. The second is an argument for falling yields: cracks arising from spreads and French interest rates, market driven tightening, and the possibility of a reversal through short covering in heavily concentrated bearish Treasury positions. The third is an argument for a stock market collapse, citing a bubble and excessive expectations, a view JPMorgan also shares, and signs of a bottom. It surveys French real interest rates overtaking those in the United States, the central bank governor's defense that France is not Greece, an attack in Hormuz, tankers turning back, oil prices falling because of alternative routes and reserve releases, and Iran's interior minister traveling to Qatar. All directional forecasts are conditional judgments by the speaker, not definitive predictions of short term prices.