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.
The world’s internet infrastructure is under threat – who is going to protect it?
English Summary
The article argues that global digital infrastructure—including undersea cables and data centers—is critically vulnerable to state attacks, as evidenced by recent disruptions in the Red Sea and Gulf. Because these systems are privately owned and cross international waters, the current legal framework is outdated and fails to assign clear responsibilities for protection or repair during conflict. This vulnerability necessitates a modernized governance approach that treats subsea cables as critical maritime infrastructure requiring stronger international law. Policymakers must therefore focus on establishing coordinated global frameworks, such as those being developed by the EU, to mandate transparency, ensure safe passage, and build resilience against geopolitical threats.
中文摘要
本文論述全球數位基礎設施——包括海底電纜和資料中心——極易遭受國家級攻擊。紅海和灣區近期發生的中斷事件即為佐證。由於這些系統屬於私人所有並橫跨國際水域，現行法律框架已過時，無法在衝突期間明確劃分保護或修復的責任。這種脆弱性要求採用現代化的治理模式，將海底電纜視為關鍵海事基礎設施，並需制定更強力的國際法規。因此，政策制定者必須著重建立協調性的全球框架（例如歐盟正在開發的機制），以強制實施透明度、確保安全通行權，並增強抵禦地緣政治威脅的韌性。
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