hyperscalers 10% · treasury 62% slack — treasury absorbs
1 capex shifts to debt 2 issuance surges 3 all draw on one pool 4 inelastic demand gate 5 long end up · front end cut
The AI financing channel into Treasury yields: a fixed coupon-credit pool divided between hyperscaler and Treasury absorption Hyperscaler issuance AI capex shifts to debt 1·2 Treasury supply long-dated issuance Other IG corporate supply 4 inelastic demand gate pool at capacity — supply clears through higher yields 3 shared coupon-credit pool hyperscaler treasury other corporate 5 hyperscalers 10% · treasury 62% · other 28% long end · term premium front end · Fed cut