Against the backdrop of spreading credit risk in the AI industry chain, the 10-year US Treasury yield fell over 10 basis points to 5.081% on Thursday, hitting a three-week low. This broke the conventional logic that higher-than-expected inflation should push Treasury yields higher. CoreWeave's debt crisis has prompted the market to re-evaluate financing risks in the AI sector, with its bonds due in 2032 seeing yields surge above 15% and its five-year CDS widening by 135 basis points, implying a 63% probability of default over five years.

Wall Street institutions are divided on the allocation value of US Treasuries: Goldman Sachs, Citi, Morgan Stanley, MUFG, and Wells Fargo were among the first to recommend buying, believing that US Treasury yields now offer allocation value. Bank of America and Barclays, however, maintained reservations, warning that the market is underestimating the probability of Federal Reserve rate hikes. UBS maintained a tactical neutral stance.