While the market obsesses over advanced silicon supplies, the actual bottleneck constraining the AI boom is the physical limit of the US power grid. Meanwhile, a multi-decade high in global sovereign bond yields is setting up a steep refinancing cliff that threatens to erode profit margins across highly leveraged companies in the S&P 500. • Global sovereign bond yields hit multi-decade highs, creating a looming debt refinancing cliff for corporate balance sheets. • US power grid regulators warn that surging AI data center and manufacturing demand is pushing electrical infrastructure to its breaking point. • Application-layer SaaS providers face severe margin pressure as they struggle to pass exorbitant AI computing costs onto corporate clients. • Allied governments accelerate funding for alternative critical mineral processing to bypass dominant su ...