儘管美國政府維持著空前的高赤字與高借貸成本，但AI企業債券的激增正加速消耗市場吸收債務的能力。投資人為了追求更高的收益，紛紛拋售美國國債轉而購買Alphabet或Meta等高利潤公司的長期債券，這也使得債券基金對企業債的資產配置比例創下了三年來的新高。
這種由AI投資熱潮所引發的長期企業債供給激增，不僅填補了美國財政部為穩定市場而減少長期國債發行所留下的缺口，更進一步推升了長期公債的殖利率。隨著市場預期到2030年AI基礎設施支出將高達5.5兆美元，這波企業發債潮才剛揭開序幕，預料將會持續對長期利率施加向上的壓力。
The "crowding out" theory traditionally suggests that excessive government borrowing restricts companies' ability to raise funds in financial markets, but the situation appears to be reversing as tech giants issue massive amounts of debt for artificial intelligence development. Investment-grade companies have sold nearly $1.5 trillion in bonds this year, with major tech firms' borrowing equating to roughly 25% of the US Treasury's net issuance to private investors.
Although the US government maintains unprecedented high deficits and borrowing costs, the surge in AI corporate bonds is increasingly testing the market's capacity to absorb debt. Chasing higher yields, investors have been selling US Treasuries to buy long-term debt from highly profitable companies like Alphabet or Meta, pushing bond funds' allocations to corporate bonds to a three-year high.
This massive influx of long-term corporate debt supply driven by the AI investment boom has largely filled the gap left by the US Treasury's efforts to stabilize the market through reduced long-dated bond sales, further driving up long-term bond yields. With AI infrastructure spending projected to reach $5.5 trillion by 2030, this wave of corporate borrowing has only just begun and is expected to maintain sustained upward pressure on long-term interest rates.