I'm a firm believer in technological progress, but not so fond of group-think hype trains. The LLM/diffusion breakthrough(s) are huge, but they aren't what their rabid fans/neurotic critics are thinking.

Thinking about it long bond should mostly reflect the rate of inflation which depends much more on monetary policy than tech. Like after WW1, Germany and the US had much the same tech but Germany had hyperinflation and the US very little because Germany printed a lot of money and the US was on the gold standard.

The equity markets seem quite keen on NVDA stock though.