A global bond selloff is increasing borrowing costs for governments, businesses and families, with investors seeing echoes of 2007 and little relief in sight. Inflation and the continuing U.S.-Iran war are contributing to the pressure, while artificial intelligence is adding competition for debt as the industry’s enormous financing appetite rivals traditional nation-state borrowing. At the same time, Big Tech faces a growing backlash that threatens the foundations of the AI boom, prompting a frantic effort to contain it.