AI companies have issued roughly $220 billion of debt this year, BNP Paribas data shows, adding to a wave of supply that has helped push long-term Treasury yields near their highest levels in years. Treasury Secretary Scott Bessent has responded by expanding long-end buybacks (purchases of longer-maturity government bonds) and signaling that larger operations could follow. Jai Kedia, a research fellow at the Cato Institute, said AI investment represents healthy competition for government bonds rather than the main risk to markets. He identified federal borrowing, fiscal irresponsibility, inflation and policies such as tariffs as greater concerns. The federal debt has surpassed $40 trillion, while Treasury said its maximum long-end liquidity-support buyback would rise from $2 billion to at least $4 billion per operation beginning Sep. 9. Kedia said the scale was too small to have a lasting effect in a Treasury market worth more than $30 trillion. CNBC reported that senior Treasury officials view the roughly $950 billion Treasury General Account, the government’s main cash account, as available to fund purchases of off-the-run securities. The 10-year Treasury yield traded around 4.71% Monday and the 30-year near 5.24%; Kalshi traders assigned a 56% chance that the 10-year would end 2026 at 4.75% or higher and a 27% chance of ending at 5% or above. Kedia said higher yields were unlikely to directly hurt Nvidia Corp. (NASDAQ:NVDA), Palantir Technologies Inc. (NASDAQ:PLTR) or SpaceX (NASDAQ:SPCX) for now, as investor demand should allow them to continue raising capital.