Ruchir Sharma, chairman of Rockefeller International, wrote in the Financial Times that US federal debt has exceeded $40 trillion, and the 10-year US Treasury yield has risen to approximately 4.8%. He believes that if this yield decisively breaks above 5% (the upper bound of its range since the dot-com bubble era), the AI bubble could burst. Sharma explained that the crowding-out effect from high-interest government borrowing is pushing up the cost of debt and equity financing for AI companies. Given AI infrastructure development's high reliance on external financing, a surge in long-term interest rates would directly impact its pace.