On October 23, U.S. Treasuries failed to provide investors with their traditional safe-haven protection during this year's tech stock setbacks. However, this week, the safe-haven function of U.S. Treasuries has notably returned. An indicator measuring the 'inverse relationship' between U.S. Treasuries and AI-related stocks has rebounded to levels seen a year ago, indicating that investors are returning to the bond market for safety as tech stock sell-offs intensify. Previously, inflation concerns and rising interest rates had undermined the safe-haven appeal of U.S. Treasuries. This shift stems from worries about the sustainability and returns of AI investments, leading to a significant decline in tech stocks. This unease has also affected broader economic prospects, with traders lowering their expectations for interest rate hikes this year. Charlie McElligott, cross-asset strategist at Nomura Holdings, stated in a report that bonds are regaining their hedging role, and the market appears to be reassessing the likelihood of a 'growth scare' in the U.S. in real-time based on a 'reset' of the AI boom.