Tony Pasquariello, head of global hedge fund sales at Goldman Sachs, characterized the current situation as a "frustrating game of cat and mouse" between equity and interest rate markets. He noted that this week, Meta's release of its AI Agent model, Muse, propelled the Nasdaq 100 to become the strongest-performing major equity index, with Meta's market cap surging by $220 billion in a single week to reclaim the $2 trillion mark. However, concurrently, U.S. Treasury yields continued to rise, pushing interest-rate-sensitive assets lower, with the Russell 2000 significantly lagging and the S&P 500 oscillating around 7700 points. Excluding AI-related stocks, the S&P 500 actually fell by approximately 1% this week. Pasquariello suggested that if one insists on holding long equity positions, it is necessary to simultaneously short U.S. Treasuries to hedge interest rate risk.