OCT 2 — US Treasury yield hit 5.34%, highest since 2002, then faded enough for US stocks to close higher; Seoul ripped nearly 2% on chips; India is shut for Gandhi Jayanti. That's the setup.

The 5.34% US Treasury yield spike is the risk. Equities only rebounded because yields backed off. If that print re-fires, Asia tech and growth get sold first. Watch the US 10Y, not the headline close. India's 10-year G-Sec breached 7.20%, a 2.5-year high. That's the last live India signal before today's Gandhi Jayanti shutdown. 7.20% is a valuation problem waiting for Monday's equity open. Seoul +2% ended a 3-day losing streak on chip gains. Toshiba doubling HDD supply to fill the AI memory gap says the AI trade is broadening from GPUs to storage. Watch Samsung and SK Hynix follow-through. OpenAI fired 3 staffers for mishandling sensitive info — the AI safety debate just became a talent/HR problem. Not a market mover yet, but regulation risk is getting real inside the labs. Japan's JERA — the country's largest power producer — is setting up an oil storage company. Utilities are hedging energy supply

The 5.34% US Treasury yield spike is the risk. Equities only rebounded because yields backed off. If that print re-fires, Asia tech and growth get sold first. Watch the US 10Y, not the headline close.