Nomura Sees Gold As "Pressure Release Valve" For Treasury/Hyperscaler Debt Deluge

The growing angst about hyperscaler CapEx (and more notably debt issuance), attention among the always-bullish equity talking-heads has shifted - rightfully so - to the bond markets as signals flare. Of course, for ZeroHedge readers, this is not a new topic, it is something we have been warning of for months:

• The $1.8 Trillion Off-Balance Sheet Time Bomb At The Heart Of The AI Supercycle

• Goldman Warns Massive Hyperscaler Bond Issuance Means "Risk Skewed To Downside"

• "Generational Transfer Is Taking Place": The Cash Crunch Is Coming For AI Hyperscalers

• Hyperscaler Bond Spreads Blow Out After Google Shocks With Another $25 Billion Bond Offering

• The AI CapEx Boom Is Building Twice As Fast As The Housing Boom

• The Circular Delusion Of Markets: How Earnings Growth Runs On Borrowed Money (& The Smart Money Is Leaving)

• Nvidia Confirms Record $500 Billion Off-Balance Sheet SPV Deal To Fund The World's Biggest Circle Jerk

• Nvidia's $500 Billion Bet Shows Up In Credit

• Hyperscaler CDS Volumes Explode To All-Time High On Credit, Circular Financing Fears