4 months later, Cembalest caught up "hyperscalers are issuing so much debt that they may be causing a supply-demand issue at the long end of the yield curve. In 2026 so far, debt issuance by the five hyperscalers plus NVIDIA is ~$320 bn (including SPVsfor which these companies are backstop obligors on data center leases). Looking just at the long duration component in 2026, we estimate $303 bn in ten year equivalents. That’s 68% of new Treasury long duration borrowing this year! Unfortunately for Treasury Secretary Bessent, there’s not much he can do about (i) and (ii). On (iii), as in the words of FCC Chairman Carr, I suppose that hyperscalers can always be informed to do things the easy way or the hard way, if it comes to that." - JPMorgan(zerohedge)