Tim Nyland weighs macro risks he sees forming on the horizon after the Fed raised interest rates in its September meeting, from crude oil's elevated prices to an AI spending boom pressuring earnings. He adds that the hyperscalers are competing with the Treasury as the 10-year yield hovers near 5%. Despite market pressures, Tim believes the Mag 7 still has plenty of room to run, though he doesn't see the bull run gaining more traction until after the midterm elections.