Government borrowing costs are jumping in the US, UK, France, and Japan at once, which is bad news for governments, tech companies, and stock investors alike.

• Investors are dumping government bonds, pushing US long-term rates to the highest level since the 2008 crash.
• The US has to refinance trillions in old cheap debt at nearly triple the old cost, right as national debt nears $40 trillion.
• Interest payments now top defense spending and are on track to become the biggest item in the federal budget.
• The Iran conflict adds about a billion dollars a day, and Trump has cut off talks while Iran keeps the Strait of Hormuz shut.
• Stocks are falling with bonds, and the AI buildout — heavily funded by borrowing — now competes with the Treasury for the same money.

Outlook: Either central banks start printing money to hold rates down or governments cut spending hard, and neither looks likely soon.