On August 28, PIMCO stated that the rapid growth in debt financing for AI capital expenditures is overwhelming the fixed income market, thereby pushing up yields. However, this trend is expected to deliver substantial long-term returns for investors. Marc Seidner, Chief Investment Officer of Non-Traditional Strategies at PIMCO, noted that the excessive and rapid issuance of AI-related debt is likely driving the 10-year U.S. Treasury yield to the high end of its multi-year range, reaching approximately 4.75% earlier this month, due to a crowding-out effect.