CNBC analyst Santoli stated that the "adolescence" of artificial intelligence has ended, and the market narrative has shifted to focus on risks. The public holds a cool attitude towards the tech sector, and predictions for order backlogs beyond the next few quarters are currently in doubt. He pointed out that semiconductor stocks have fallen 20% from their June peak, and the forward P/E ratio for the S&P 500 tech sector has narrowed from 29x to 21x over the past year. Additionally, the Federal Reserve will begin raising interest rates this week, and the 10-year US Treasury yield has surpassed 5%.