Nomura: AI borrowing hikes 10-year Treasury yield by 0.3%
GaryMarcus · x · 2026-08-18
Nomura estimates tech borrowing equals 25% of US Treasury bond issuance, five times higher than last year. Bank of America says this surge added 0.3 percentage points to the 10-year yield. Bond managers are selling Treasuries for AI corporate debt due to higher returns (Alphabet's 30-year at 6.4%, Meta data center bonds over 7.5%). JPMorgan expects $5.5 trillion in AI infrastructure spending by 2030.
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