On Thursday, U.S. Treasury yields across the board fell sharply, driven by market doubts about the sustainability of AI capital expenditures following earnings reports from several tech giants. The daily decline for 2-year to 10-year Treasury yields all exceeded 15 basis points, marking their largest single-day drop in over a year. Notably, the 10-year Treasury yield fell below 5% for the first time in nearly a month. Rich Privorotsky of Goldman Sachs pointed out that a contraction in AI capital expenditures is essentially equivalent to reducing potential supply pressure in the bond market, with an effect similar to quantitative easing. Furthermore, the escalating French sovereign debt crisis and converging market expectations for the Federal Reserve's interest rate hikes next year also provided additional support for U.S. Treasuries.