On October 13, the ongoing debt financing surge, fueled by the imperative to amass funds for AI infrastructure expansion, has set governments on a collision course with tech behemoths in the fierce battle for capital. Strategists at Bank of America observed that this trend is exacerbating borrowing costs for developing countries, where geopolitical tensions, elevated oil prices, and escalating policy rates have already exerted upward pressure on bond yields. Since the latter half of this year, the average yield on emerging market dollar bonds has skyrocketed by nearly 1 percentage point, hitting its peak since April of the previous year. Institutional data reveals that merely two tech titans, Amazon and Alphabet (the parent company of Google), have collectively issued approximately $70 billion in debt in the latter half of this year. In stark contrast, international bond issuance by emerging market sovereign borrowers has plummeted by half since July 1, declining to $45 billion, a stark decrease from the $91 billion recorded during the same period last year. Notably, bond issuance in investment-grade emerging market nations has plummeted by 56% to $29 billion.