The financing waves of tech giants have repeatedly set new records, and the yield on 30-year U.S. Treasury bonds has reached a nearly 20-year high! The AI supercycle has entered a new phase of "capital as computation."

Zhithong Finance APP has learned that the issuance scale of U.S. investment-grade bonds has set monthly historical records for three consecutive months, highlighting that as artificial intelligence infrastructure spending drives companies to incur large-scale debts, the U.S. high-rated bond market is maintaining the fastest issuance pace in history. With record bond issuance by tech giants such as Google's parent company Alphabet, Amazon, and Meta, an unprecedented investment boom in AI has triggered a crucial financing paradigm shift: from "tech giants using their own continuously strong free cash flow to build AI" to "global capital markets collectively financing AI super factories for large tech giants." However, this AI financing boom is also pushing up the long-term yields of U.S. Treasuries for 10 to 30 years.