Venture capitalist Chamath Palihapitiya points out that AI infrastructure financing is facing three major pressures: First, political backlash, with Texas, Pennsylvania, and New York recently pausing or prohibiting new data center projects. Second, soaring government bond yields, as Treasury Secretary Scott Bessent has announced plans to at least double the size of long-term bond buyback operations starting in September to counter competition from AI-related corporate bond issuances. Third, the fragility of "frontier labs," where companies like Anthropic lack investment-grade ratings, rely excessively on venture capital and hyperscalers, and face greater risks when financing costs rise and political sentiment cools. Anthropic plans a $2 trillion IPO in October but is currently a private company, unrated, and its computing power relies on Amazon and Google.