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Is AI giving the US economy a case of Dutch disease? From Dutch gas to American chips.

If the argument holds, the AI build-out is a source of upward pressure on bond yields, power prices and wages for scarce technical staff, which would keep financing costs high for sectors outside technology. That fits with this week’s 24-year high in 10-year Treasury yields, which Bloomberg partly attributed to AI-related corporate borrowing. For equities, the thesis implies widening divergence…

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