The AI bull market is still burning cash, but the U.S. bond market is starting to hit the brakes on tech stocks. The 10-year U.S. Treasury yield briefly surged to 5.36%, while the 30-year yield approached 5.73%. The three major U.S. stock indices all closed lower, with funds shifting toward defensive sectors like healthcare and utilities. However, AI capital expenditure is still accelerating. Broadcom plans to raise over $50 billion for OpenAI's chip project, and SpaceX is also planning to raise $40 billion to purchase NVIDIA chips. Tonight’s $22 billion 30-year U.S. Treasury auction will be the next big test. Whether long-term bonds can find buyers might have a bigger short-term market impact than any new AI product.