Rate-driven compression of QQQ's highest-duration names Rising yields and Fed-hike odds lift the discount rate that presses hardest on long-duration AI semis and Meta inside QQQ, while low-duration defensives hold; the outcome hinges on Wednesday's FOMC minutes. Inflation fears oil + core CPI 10-yr ≈ 4.70% climbing 30-yr ≈ 5.3% post-2007 high Fed hike ~70% vs early-26 cuts Discount rate raised PV = CF / (1+r)^t - long-dated flows lose most COST AAPL MSFT NFLX META NVDA AVGO AMD MU consumer · low duration AI semis · high duration FOMC minutes Wednesday · Aug 19 Yields roll over dip gets bought Yields break higher toward 50-day SMA (~$713)