Wallstreetcn analysis indicates that the massive capital expenditure demand from the AI industry for computing infrastructure, coupled with the high fiscal deficits and debt refinancing needs of governments worldwide (especially the U.S.), are simultaneously vying for global capital markets. This is leading to a systemic increase in the cost of capital, forcing "demand rationing" in the bond market, and potentially impacting capital markets and the real economy. The article cites data showing that the five largest AI hyperscale data center operators have issued approximately $220 billion in debt this year, with AI-related capital expenditures projected to rise to $1 trillion next year. Concurrently, the U.S. federal budget deficit for fiscal year 2026 has climbed to $1.993 trillion, the highest level since 2021. Furthermore, Japanese investors, becoming more discerning due to rising domestic interest rates, have begun to reduce their allocations to French and U.S. government bonds, exacerbating the global capital crunch.