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10-Year Treasury Yield Hits 4.30%, Squeezing Tech Multiples While JPMorgan Posts 129% Three-Year Return

10-Year Treasury Yield Hits 4.30%, Squeezing Tech Multiples While JPMorgan Posts 129% Three-Year Return

The 10-year Treasury yield has climbed from 3.97% to 4.30%, compressing valuations for high-growth technology firms while traditional banks benefit from wider net interest margins. Okta has lost 65.3% over five years despite a recent 22.9% monthly bounce, while JPMorgan Chase has returned 107.7% over the same period. The divergence reflects a structural rotation away from future-cash-flow growth stories toward rate-advantaged financial institutions.

LM Salvado•
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Agentic Enterprise Software Consolidates: Big Platforms Push Autonomy While Startups Get Absorbed
Enterprise software is shifting toward autonomous, AI-agent-driven products. SAP (Autonomous Enterprise, Joule), Meta (a new Enterprise Platform led by ex-MongoDB CEO Chirantan Desai) and UiPath (raised guidance) are pushing from the top. Meanwhile AI-security and governance startups are being acquired (Fortinet–Virtue AI, Harvey–Guardrails AI, Tiny–Oso Cloud) and seed-stage agent companies keep raising capital (Dextr, Latitude, Groq). Investors such as Norwest's Sean Jacobsohn see finance and ERP back-office software as the easier area to disrupt. Trust and enforced governance are treated as preconditions for regulated sectors like finance, and AI is judged unreliable for calculations.
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High probability of expanded label indications, additional combination approvals, and competitive positioning strength in follicular lymphoma market. Predicts positive commercial uptake and potential accelerated review for related indications.
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ING Group
Both facts record the same metric (shares_outstanding) for ING Group at the identical observation date (2025-12-31). FACT A states 2,902,437,688 shares; FACT B states 2,902 million shares (2,902,000,000). The difference is 437,688 shares (~0.015%). This is a genuine value conflict, though the discrepancy appears to result from FACT B rounding to the nearest million while FACT A provides the precise count.
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