New Delhi, Aug. 16 -- Enthusiasm for Big Tech and its huge investments in artificial intelligence is powering the stock market to record highs again. With a resilient economy and scorching demand, there's seemingly only one obstacle that can derail this ride: higher interest rates.

Technology companies are historically sensitive to Treasury yields because their high market valuations are based on growth estimates, with bigger profits anticipated sometime in the future. This is particularly true with AI-related capital expenditures, which aren't expected to fully pay off for years.

In this forward-looking equation, interest rates help Wall Street determine the value of those future profits in today's dollars. In essence, the more rates g...