Investors are rushing into Treasuries: The ratio of the Nasdaq 100 to the 20+ Year Treasury Bond ETF, TLT, is down to 342.5, its lowest since July 31st. Since the all-time high recorded on October 7th, this ratio has fallen -15.4%. Over this period, TLT has risen +7.1%, while the Nasdaq 100 has fallen -10.2%. This puts the ratio on track for its 5th consecutive weekly decline, its longest losing streak since the 2022 bear market. Similar sharp drops in this metric were also recorded between February and April 2025 and during the 2020 pandemic. Investors are buying bonds to protect against an AI selloff.