As the AI race evolves from technological breakthroughs to capital attrition wars, tech giants are pouring into the investment-grade bond market on a large scale to absorb market capital with interest spreads significantly higher than US Treasury bonds. Right now, Wall Street is undergoing a major capital migration — many institutions are “selling US debt and buying AI debt.” This fierce competition over capital is becoming an important driver in boosting US bond yields. Even if the US Treasury doubles down on repurchases of long-term treasury bonds in an attempt to ease the continuing upward pressure on long-term interest rates, the results are still limited. Recently, the wave of long-term bond sell-offs has hit again, and the yield on 30-year US Treasury bonds has returned to the high level before the Treasury intervention. Analysts believe that the current long-term interest rate trend no longer simply reflects growth and inflation expectations, but is increasingly driven by multiple variables such as fiscal expansion, AI investment boom, and global oil prices. Once it breaks through key thresholds, it may trigger a wider chain reaction of risk aversion.

As the AI race evolves from technological breakthroughs to capital attrition wars, tech giants are pouring into the investment-grade bond market on a large scale to absorb market capital with interest spreads significantly higher than US Treasury bonds. Right now, Wall Street is undergoing a major capital migration — many institutions are “selling US debt and buying AI debt.” This fierce competition over capital is becoming an important driver in boosting US bond yields. Even if the US Treasury doubles down on repurchases of long-term treasury bonds in an attempt to ease the continuing upward pressure on long-term interest rates, the results are still limited. Recently, the wave of long-term bond sell-offs has hit again, and the yield on 30-year US Treasury bonds has returned to the high level before the Treasury intervention. Analysts believe that the current long-term interest rate trend no longer simply reflects growth and inflation expectations, but is increasingly driven by multiple variables such as fiscal expansion, AI investment boom, and global oil prices. Once it breaks through key thresholds, it may trigger a wider chain reaction of risk aversion.