Rising Real Yields May Test AI Boom, Says Citadel Securities’ Nohshad Shah

The notable point is the framing of AI infrastructure spending as increasingly rate-sensitive: if a meaningful share of hyperscaler capex is debt-financed, real yields become a direct input into the economics of the buildout, not just a background macro variable. That shifts scrutiny toward cash generation and business-model durability rather than AI narrative alone, which is where Shah locates his continued bullishness. The open question is whether rising real yields actually slow the pace of that spending, or merely reprice how it is funded.