The longer equities hold near records while yields stay elevated, the more exposed the largest growth stocks become to a repricing, because higher real yields weigh most on valuations that depend on distant earnings. Concentration adds to the risk, since a handful of megacaps are carrying the headline indices. If the gap closes through a risk-off move, Deutsche Bank sees the US dollar benefiting and the euro and high-beta currencies coming under pressure. Oil remains the wildcard: a fresh supply shock with inventories this thin would push inflation expectations and yields higher just as equities are least prepared for it.--- Bonds are bracing for a storm while Nvidia sunbathes near $6 trillion, and Deutsche Bank says only one of them can be right.Summary:Nvidia's record run near $6 trillion contrasts sharply with stress in global bond markets.US 10-year yields hit about 5.3% last week, the highest since 2007, and 30-year yields reached about 5.6%.The French-German yield spread posted its biggest weekly rise in more than 30 years, yet the STOXX 600 is within about 4% of its record.Deutsche Bank says bonds have priced the warning but risk assets have not priced the consequences.AI earnings, buybacks and megacap concentration help explain why equities have held up.Aramco's warning on thin oil inventories adds to the risk of a further inflation shock.Nvidia's push towards a $6 trillion market value has become the clearest illustration of a divergence that Deutsche Bank warns cannot last: bond markets pricing a harsher world while equities price a benign one.The contrast is stark. US 10-year Treasury yields climbed to around 5.3% last week, their highest level since 2007, while 30-year yields reached about 5.6%, a level last seen in 2002. In Europe, the spread between French and German 10-year yields recorded its biggest weekly increase in more than three decades. Yet Nvidia hit fresh record highs on Monday, and Europe's STOXX 600 index sits within about 4% of its own peak.Deutsche Bank argues that bonds are already signalling a new macro regime of multi-decade-high yields, faster rate hikes and oil above $100 a barrel, while equities, credit and the VIX volatility index show little sign of stress. In its view, bonds have priced the warning but risk assets have not priced the consequences. Either the stress eases quickly, or stocks and credit must eventually reprice for weaker growth and higher default risk.Nvidia helps explain why equities have held up. Investors are pricing a powerful earnings story driven by AI demand, a record buyback programme and revenue that roughly doubled in the company's latest quarter. For the largest stocks in the index, those forces have so far outweighed the drag from higher borrowing costs, and their size means they can keep headline benchmarks firm even when the macro backdrop deteriorates.The bond market's message is still visible beneath the surface. Last week, US stocks initially rallied on softer inflation data before reversing in the final minutes of trading as long-end yields and real yields kept rising, according to Deutsche Bank's daily commentary. Higher real yields raise the discount rate applied to future profits, which matters most for companies whose valuations depend on growth expected years ahead.The oil market adds to the tension. Saudi Aramco's chief executive warned on Monday that rebuilding thin global inventories could take two years, a risk that futures markets may not fully reflect.The key question is which market blinks first. Softer US jobs data has already cut the odds of an October Federal Reserve hike, offering some relief. A sustained easing in yields would validate the equity rally, while a further rise would test how long earnings strength can offset a higher cost of capital. This article was written by Eamonn Sheridan at investinglive.com.