SITUATION EXPLAINED: AI borrowing is pushing up Treasury yields. • Crowding out is normally about government borrowing squeezing companies out of the market. Hyperscalers are now big enough to run it in reverse @BasilHalperin argued in 2023 that transformative AI should raise real rates, and used flat rates then as evidence markets didn't believe in short timelines. Real rates are now the highest since 2008 • Investors are selling Treasuries to buy higher-yielding corporate debt from companies…