The world is pulling money and payment systems away from US control, and that is bad news for American bond markets, Visa, Mastercard, and the AI trade.

• Government bond yields are at 20-year highs, with the 10-year above 5% and the 30-year heading toward 6%, while Trump insists the dollar is strong and inflation is not a problem.
• Canada dumped $30 billion in US Treasuries in one month, and China and Japan keep selling too — nobody wants US paper during a trade war.
• A group of European payment companies serving 130 million people is building a rival card network, because Visa and Mastercard handle most EU card spending and Washington could switch them off like it did in Russia in 2022.
• The ECB wants a digital euro running by 2029, with a test launch in 2027, to avoid a future where payments fly either the US or Chinese flag.
• AI companies are now funding their own customers: SpaceX is borrowing $40 billion to buy Nvidia chips, Nvidia lined up $500 billion of Wall Street money for buyers of its chips, and Broadcom is doing the same for Anthropic.

Outlook: Stocks could keep rising for months as money rotates out of bonds, but higher borrowing costs or one big tech company slowing its spending could pop the AI trade fast.