The author suggests that massive AI infrastructure capital requirements, estimated at $3–5 trillion through 2030, will cause private sector debt from Microsoft, Google, and Amazon to compete directly with U.S. Treasuries. This shift is expected to drive up government yields and funding costs as investors favor the higher returns and cash flows of "hyperscalers" over the 4.5% offered by the government. Recent stock offerings from Google and Supermicro are viewed as the beginning of a trend where private capex needs rival the scale of Treasury auctions.