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 End of the Open Internet
English Summary
The article argues that the era of the open, unregulated internet is ending as liberal democracies — led by Europe — shift from promoting internet freedom as a geopolitical ideal to asserting digital sovereignty and applying offline legal standards to online spaces. This reversal is traced from the optimism of the Arab Spring, when social media was seen as inherently liberalizing, to the current consensus that platforms require regulation to counter disinformation, hate speech, and foreign interference. The implication is a fragmenting global internet governance landscape, where even democracies now pursue regulatory frameworks that constrain platform behavior, potentially narrowing the ideological gap with authoritarian models of internet control and complicating transatlantic tech policy coordination.
中文摘要
本文主張開放、不受管制的網際網路時代正在終結，以歐洲為首的自由民主國家正從將網路自由視為地緣政治理想，轉向主張數位主權並將線下法律標準適用於網路空間。這一轉變可追溯自阿拉伯之春時期的樂觀氛圍——當時社群媒體被視為天然具有自由化效果——到當前各方已形成共識，認為平台需要監管以應對假訊息、仇恨言論及外國干預。其意涵在於全球網路治理格局日趨碎片化，即便是民主國家現在也在推行約束平台行為的監管框架，這可能縮小與威權網路管控模式之間的意識形態差距，並使跨大西洋科技政策協調更加複雜。
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