Dear Reader,The all-consuming AI craze is squeezing what many have considered, for decades, the world’s safest asset: US sovereign debt. And the spillover will be worldwide.Things got out of hand so fast that the world’s biggest economy had to, in a way, bail itself out by promising to buy back long-term debt to tame the yields. It worked for a few hours, but the yields on the benchmark US 10-year bonds resumed their move back towards 5%.Simply put, the US government now has to compete with hyperscalers borrowing insane amounts of money, leaving less and less on the table every…