[AI Giants Issue Bonds, Siphoning Global Capital; Emerging Market Bond Issuance Faces Crowding-Out Effect] According to a report by Jinse Finance, on October 13, the borrowing frenzy sparked by financing for artificial intelligence (AI) infrastructure is driving a capital competition between governments and tech giants worldwide. Bank of America strategists stated that this is pushing up borrowing costs for developing countries, while geopolitical concerns, high oil prices, and rising policy rates were already exerting upward pressure on bond yields. In the second half of this year, the average yield on emerging market dollar bonds has surged nearly 1 percentage point, reaching its highest level since April last year. Merveille Paja, Bank of America's sovereign credit strategist for Eastern Europe, the Middle East, and Africa, noted that this could pose challenges for governments seeking to refinance maturing debt. (Bloomberg)