AI Debt Wave: September to Test US Treasuries

The notable shift here is that AI capex is no longer just an equity story; it is increasingly funded through investment-grade credit, putting AI infrastructure demand in the same queue as government borrowing. That matters for anyone watching Treasury market function, not just AI names, since heavy corporate supply can compete with sovereign issuance for the same buyer base. The Treasury's buyback expansion looks palliative rather than structural. Whether September's issuance actually reaches the projected scale, and whether buybacks keep pace, is the open question.