Bank of America Chief Investment Strategist Michael Hartnett noted that the US investment-grade tech bond index has seen a 9% price drop over the past year, with yields rising from 4.5% to 6.2%. He believes that long-term bond yields for hyperscale cloud companies like Oracle (8.4% yield), Meta (7.5%), and Google (6.9%) are nearing junk bond levels, which could soon attract buyers.