The S&P 500 is near record highs while simultaneously becoming cheaper relative to expected growth. Normally, with a 10 yr moving toward 5.3%, you'd expect long-duration growth equities to have a serious problem.

Instead, earnings are rising faster than prices. What's changed is what investors are willing to pay for those earnings. Treasury yields above 5% have compressed the multiples investors will pay for future growth, leaving 2 enormous forces pushing against each other.
The bond market is raising the cost of capital, while the AI capex cycle is expanding the earnings base.
Now imagine earnings continue to grow while the 10 yr eventually falls from 5.3% back toward 4–4.5%.
Convexity!!