Chris Ward says higher rates don't necessarily kill bull markets but they do create winners and losers as the cost of capital shifts after 15 years of cheap money. He likes the technology sector through the XLK ETF, where earnings are growing 70% year-over-year, and says the Mag 7 is essentially holding up the entire S&P 500 (SPX). He also favors international AI plays like TSMC (TSM), SK Hynix, and Samsung through the iShares Emerging Markets ex China ETF.