In Asian trading on Friday, October 30, U.S. tech stocks came under selling pressure, prompting investors to seek the safety of government debt and accelerating a rally in U.S. Treasuries. Yields across maturities fell by at least 3 basis points, extending declines from the New York session. Australian, Japanese, and New Zealand bonds followed suit, with benchmark 10-year government yields all dropping more than 5 basis points. Disappointing earnings from tech giants such as Alphabet fueled risk aversion and deepened market doubts about the sustainability of AI-related trades. In October, the benchmark 10-year U.S. Treasury yield has fallen nearly 40 basis points and is on track for its first monthly decline since February. Kenneth Crompton, head of rate strategy at National Australia Bank in Sydney, said risk aversion following this week's tech earnings once again drove flows into the bond market. Andrew Ticehurst, senior rate strategist at Nomura Holdings in Sydney, said persistent market anxiety over the valuations of hyperscale tech companies, combined with Alphabet's disappointing earnings, is channeling some safe-haven funds into bonds. The rally may continue, as Warsh's remarks at the post-meeting press conference were not particularly hawkish, and AI-related concerns appear likely to persist.