AI Giants Compete for Capital with U.S. Government: Bitcoin and Gold Emerge as Top Safe-Haven Assets

On August 12, Zhang Gang sold off $6 million worth of 10-year U.S. Treasury bonds and subscribed to the newly issued 10-year senior unsecured bonds of AMD (Advanced Micro Devices). "I did not hesitate at all when making this position adjustment decision," Zhang Gang told a reporter from *The Economic Observer*.

As a Wall Street multi-strategy hedge fund manager overseeing more than $300 million in assets, he said his investment responsibility is to maximize returns. When he saw that the annualized interest rate of AMD's proposed 10-year bonds reached 5.5%, he decisively abandoned the U.S. Treasury bonds of the same period with an annualized rate of return of only 4.7%.

"Other Wall Street investment institutions are also withdrawing capital from the U.S. Treasury market and shifting to U.S. AI (Artificial Intelligence) corporate bonds," Zhang Gang said. The reason why Wall Street capital is chasing AI corporate bonds is not only the higher issuance rate of the latter, but also the greater "certainty" of the debt repayment capacity of AI enterprises.

Compared with the sustainability of U.S. Treasury bond redemption that has raised concerns in the financial market, the explosive growth of the AI industry has pushed the operating revenue of AI enterprises to rise steadily, leading Wall Street investment institutions to believe that AI enterprises have a more robust capacity to repay principal and interest.