Peter Tchir sees a flashing "yellow alert" for Treasury yields and credit risks as rising interest rates and geopolitical risks rise. He discusses how key ETFs tied to both are on the precipice of getting worse, something Peter believes will hit equities. He's also nervous of China's ability to "dump cheap compute" into markets, which looks appealing to companies struggling to reach AI profit thresholds. Peter adds that there's more international headlines to watch beyond Iran and the Strait of Hormuz, pointing to the riots in France as a clear indictor.