Pulitzer-winning historian Liaquat Ahamed warns that US equities, including private equity, sit at 250% of GDP after a trillion dollars flowed in from foreigners over the past 12 months, and that such booms usually end badly once rising rates choke off cheap financing. He points to a 150-basis-point rise in real rates, with the 10-year Treasury yield at 5.19% on October 14, 2026, and compares today's AI spending with the 1873 railroad bubble, which was financed largely by bonds. The article highlights NVIDIA, with a $5.2 trillion market cap, whose 2.32% earnings yield trails the 5.09% yield on the 10-year Treasury.
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Related tickers and likely impact
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/16/2026 | 709.82 |
| Change that session | -2.50% |
SPY
▼ Likely negativeSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/16/2026 | 763.31 |
| Change that session | -1.10% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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