The Nasdaq-100 (NDX) hitting an all-time high, paired with the release of Muse AI from Meta Platforms (META), shows that the AI trade is back, according to Ben McMillan. For Muse in particular, he believes the AI agent is a strong product because it allows Meta to hit its audience directly. The launch faces sentiment headwinds as opinions on AI data centers hit an all-time low. Ben doesn't see the developments as a death knell for the trade, just a sign that investors will be more careful in picking tech stocks. The 10-year Treasury yield climbing above 5% once again also pins equities short-term.