Sources: In recent months India has sent Google dozens of takedown notices asking it to address abuse on the Firebase platform.

美银预计，在2026、2027年分别发行约2000亿美元美元债的假设下，亚马逊、Meta、微软、谷歌和甲骨文纳入美国投资级指数的债务规模， 将由2025年底的2880亿美元增至2027年底的6590亿美元，增幅约129%。伦交所数据显示， 2026年以来AI巨头的全球债券发行已超过2200亿美元，大量期限延伸至20—30年，确实会与政府债争夺养老金、保险及资管机构的长期资金，并在边际上推高实际利率与期限溢价。 美国财政部数据显示，海外投资者6月仍净买入2071亿美元长期美国证券；Alphabet最新55亿澳元债券更获得超过180亿澳元认购，说明资金仍在， 只是面对美债与AI债同步扩容，投资者要求更高收益率和更大新券让利。

TS Lombard says both the US and UK could ease long-end supply pressure by shortening debt maturities, but their fiscal backdrops differ. In the UK, average government debt maturity is about 14 years, fiscal policy leans toward consolidation and rates are expected to fall, so refinancing risk from shorter maturities is relatively contained. In the US, average debt maturity is already short, fiscal policy remains expansionary and large financing needs lie ahead; TS Lombard also expects the Fed may need to hike more than current market pricing over the next 12 months. Shifting issuance toward the short end would temporarily relieve long-term supply pressure but would accelerate the exposure of government interest costs to higher policy rates, increasing fiscal sensitivity to short-term yields. As refinancing volumes rise, policymakers’ room to both suppress long-term yields and control interest expenses will narrow.