US tech stocks look dangerously overpriced as the Fed threatens rate hikes and China races to cut American AI suppliers out entirely.

• Trump signed an Iran peace deal partly because US oil reserves were running critically low, but oil won't fully recover before late 2026.
• Inflation is running above 4% while interest rates sit lower, so the Fed is now signaling rate hikes this year — bad news for AI giants drowning in cheap debt.
• Amazon, Google, Meta, Nvidia and others borrowed a quarter-trillion dollars to build data centers, and by late 2026 they'll be spending faster than they earn.
• Microsoft is quietly selling US-built AI to Chinese firms like TikTok-owner ByteDance because that revenue is exploding and too big to walk away from.
• China is spending $300 billion to build its own AI using Huawei chips, which will soon cut off the Chinese cash now propping up US tech.
• Data centers are driving up power bills for ordinary households, projected to eat 12% of all US electricity by 2028.

Outlook: If rates rise while Chinese revenue dries up, the AI building boom could stall hard and drag the whole US growth story down with it.