The Financial Times analysis points to five current market signals warning of a potential simultaneous approach of an AI bubble and a US Treasury crisis. These signals include: rising credit default swap (CDS) prices for AI-related borrowers such as Meta, Google, and Microsoft, with Oracle showing a significant increase, and SpaceX's CDS prices jumping sharply after seeking $40 billion in financing; the US 10-year government bond yield has surpassed 5%.

The article outlines five core issues: the optimism of AI revenue forecasts, debt expansion in AI capital expenditures (a PGIM official stated that "the amount of debt pouring into the market is historic"), fiscal pressure from US Treasury interest rates (Treasury Secretary Scott Bessent believes AI growth will reduce the deficit, but East Asian capital inflows into the US Treasury market have decreased), oil price risks (Saudi officials state that oil inventories are thin, and the Speaker of the Iranian Parliament explicitly expressed an intention to push up oil prices and US interest rates through blockades), and the risk of the growth engine stalling if the AI boom cools down.