Minutes from the Federal Reserve's September 15-16 meeting, released on October 7, indicated that market participants cited heavy private debt issuance for AI infrastructure as one factor pushing Treasury yields and term premiums higher. This development creates a new macro headwind for Bitcoin, as massive AI infrastructure spending competes for long-term capital, potentially keeping borrowing costs elevated even after the Fed ceases hiking interest rates. The Bank for International Settlements (BIS) estimates the five largest technology companies will spend over $1 trillion on AI-related capital expenditure across 2025 and 2026. While stronger earnings have helped AI-linked equities absorb higher financing costs, the long-term risk of an AI investment bust could lead to a downturn and eventual liquidity support, which BitMEX co-founder Arthur Hayes believes would favor Bitcoin.