I'm not clear how the bond markets should behave if they say expect agi in five years. Do long bonds go up or down?

Thinking about it long bond should mostly reflect the rate of inflation which depends much more on monetary policy than tech. Like after WW1, Germany and the US had much the same tech but Germany had hyperinflation and the US very little because Germany printed a lot of money and the US was on the gold standard.

The equity markets seem quite keen on NVDA stock though.