Many people don’t get it—this round of AI infrastructure is fundamentally different from the 2021 bull run. This AI bull market is driven by real, massive, and rapidly growing profits from businesses. From 2008 to 2021, it was purely fueled by central banks printing money and piling up liquidity. Liquidity-driven bull markets are extremely sensitive to interest rates. But a bull market driven by business revenue growth and profit upgrades doesn’t fear a high-interest-rate environment. The 2000 dot-com bull market? It skyrocketed like crazy even with a 7% yield on 10-year U.S. Treasury bonds.