Friday the Nasdaq 100 rose 0.46% even as the 10-year yield pushed above 5%. That is not normal behaviour.

In past cycles, yields at these levels usually pressure growth stocks hard. This time the AI heavyweights inside QQQ simply refused to break. Earnings power is still carrying the index.

Monday pre-market looks softer. Dow futures are down and oil is reacting to fresh geopolitical comments. That is the market doing its usual risk check.

The real question is simple:

Is this resilience because the biggest companies can still grow earnings in a higher-rate world?
Or is it just the calm before rates finally force a bigger re-pricing?

I lean toward the first for now. The companies driving QQQ have real cash flow and pricing power. That buys them time that weaker names do not get.

But history is clear — 5%+ yields eventually test every valuation. The test just has not arrived yet.

Watch two things this week:

1 Whether yields stay above 5%

2 Whether the AI leaders keep holding up on any market weakness

That will tell us if this is true conviction or just delayed pressure.

How are you treating QQQ here — still holding, trimming, or waiting for a clearer break?