Editorial companion

What stands out

Dan Niles ties two headlines into one bearish thesis: a reported $20B downward revision to OpenAI’s annualized revenue, and rising Treasury yields that he reads as the start of a renewed Fed rate-hiking cycle. The clip matters because Niles connects weaker-than-expected OpenAI spending to profit pressure across the Big Tech ‘Mag 7,’ while also arguing macro forces push bond yields higher, a combination that squeezes both revenue expectations and valuation multiples at once.