The rapid financing of the AI boom through massive corporate debt issuance is creating significant stress on global financial markets. This influx of private capital forces competition with government Treasury bonds, as AI companies offer higher yields than equivalent sovereign debt, thereby pushing up long-term interest rates. While this signals strong investment demand for AI, it raises concerns about systemic risk and the potential destabilization of core bond markets. Policymakers must navigate the tension between fueling critical technological growth and maintaining stable public borrowing costs to prevent a financial crisis.
Nukes Without Limits? A New Era After the End of New START
English Summary
The expiration of the New START treaty on February 5, 2026, marks the end of formal limits on U.S. and Russian nuclear arsenals, raising significant risks of a new arms race and strategic miscalculation. Experts warn that the loss of robust verification measures and on-site inspections will erode intelligence precision, likely prompting both superpowers to 'upload' reserve warheads onto existing delivery systems. To maintain stability, U.S. policy must balance necessary modernization—such as reopening submarine missile tubes—with the urgent pursuit of a follow-on agreement that ideally addresses non-strategic weapons and China's growing nuclear capabilities.
中文摘要
《新削減戰略武器條約》（New START）於 2026 年 2 月 5 日到期，標誌著美俄核武庫正式限制的終結，顯著增加了新一輪軍備競賽與戰略誤判的風險。專家警告，強力核查措施與現場視察的缺失將削弱情報精確度，可能促使兩大強權在現有運載系統上「裝載」預備彈頭。為維持穩定，美國政策必須在必要的現代化進程（如重新啟用潛艇飛彈發射管）與緊迫尋求後續協議之間取得平衡，且理想的協議應涵蓋非戰略性武器及中國日益增長的核能力。
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