Dan Niles says he's currently bearish on the markets due to the Fed starting what he sees as a interest rate hiking cycle. Another central point of concern came Thursday when reports signaled OpenAI's annualized revenue will be $20 billion less than expected. Dan explains how the lower revenue expectations for the pre-IPO company creates a unique bear case for Meta Platforms (META), Amazon (AMZN), Alphabet (GOOGL) and other Mag 7 firms. It's a different case for Treasury yields, where Dan sees a bull case forming amid a slew of economic and macro headwinds.