Global financial markets are facing mounting pressure from geopolitical conflicts, rising government debt and renewed trade tensions. From soaring bond yields in Japan and France to weakening emerging-market currencies, signs of financial strain are appearing across major economies. Now, the massive artificial intelligence investment boom that has helped sustain market optimism is showing signs of vulnerability. Higher borrowing costs are particularly concerning because governments are already carrying substantial debt while technology companies are committing enormous sums to AI infrastructure. The combination is pushing financing costs towards levels not seen in decades. [...]