The Globe and Mail reports in its Thursday edition that the market's tech-driven bull run could face a bumpy road ahead as expectations rise that the U.S. Federal Reserve will lift rates in the face of a strong economy and persistent inflation. The Globe's Andrew Galbraith writes that for some investors, that shift could also create opportunities in investing that have been overshadowed by a relentless rise in growth-focused shares. With the U.S. economy running hot, higher yields across the U.S. yield curve -- which could be driven by factors including Fed decisions and heavy capital expenditures on artificial intelligence -- could expose "some fragility" in growth stocks. While global markets slipped ahead of last week's SpaceX initial public offering amid concerns about the tech-fuelled rally, the S&P 500 Index remains near all-time highs and the S&P/TSX Composite Index has touched new records. Sionna's Kim Shannon said equity markets were displaying the characteristics of "overdone enthusiasm. We see enormous risks in people chasing this increasingly more expensive market and in particular the leading stocks," she said. "I think this is likely one of the three great speculative manias in the past century."