AI Borrowing Spree Set to Hit $200B, Competing With Treasury for Capital

The post argues that an AI-driven corporate borrowing spree is pushing U.S. Treasury rates higher, as major tech companies can no longer fund growth out of cash flow and need record debt issuance instead.
Borrowing by the biggest tech companies is set to hit $200 billion, equivalent to about 25% of net Treasury issuance to private investors and five times more than in 2025.
The author argues this means the U.S. growth engine is now competing with the Treasury for capital, pushing rates even higher, and that this makes the path toward yield curve control (YCC) clearer, concluding that investors don't own enough hard assets.