The AI buildout is running on borrowed money, and the bond market is now the weak link — risky for investors, worse for workers whose jobs are being automated.

• Nvidia pledged $100 billion for an OpenAI data center in Ohio while government bond yields hit their highest since 2007, putting AI debt and government debt in direct competition for buyers.
• Even Alphabet is borrowing to fund its data centers because it is spending more than it earns, and analysts admit this is the riskier stage of the cycle.
• Tesla plans to use SpaceX thruster technology for a hovering Roadster, which would tie the two companies closer together and push Musk toward his trillion-dollar payout.
• Automation is spreading fast: Uber is backing drone food delivery, self-driving excavators are working in Texas and Nevada, and workers are being filmed so robots can learn their jobs.
• Memory chip makers are keeping supply tight and prices high, which Apple says is raising the cost of new phones.

Outlook: Expect more borrowing to fund AI and more pressure on the bond market, with the payoff still years away.