During the two long-term bond auctions held in October, the U.S. Treasury twice hit the $6 billion buyback ceiling, yet it still couldn't stem the upward trajectory of long-term bond yields. Following the 30-year U.S. Treasury yield's breach of the 5.6% mark, the Treasury intends to scale back the auction sizes of interest-bearing debt with maturities exceeding a decade. Concurrently, it aims to redirect a greater portion of its new financing towards short-term Treasury bills.

Several research institutions have highlighted that, barring a significant downturn in AI investment and corporate financing needs, the supply-demand imbalance in funding for U.S. long-term bonds is poised to persist. Consequently, elevated long-term bond interest rates might emerge as the prevailing standard. Presently, the scope of AI infrastructure investment in the United States is undergoing continual expansion. NVIDIA's most recent 10-Q filing with the U.S. Securities and Exchange Commission reveals a staggering quarterly increase of over 180% in its total off-balance-sheet guarantees.