Everyone is competing for capital. And the demand is unprecedented. Look at who’s raising money and what they’re paying. 1. U.S. Treasury — ~5% • ~$2 trillion annual fiscal deficit. • Over $1 trillion in annual interest costs. • Trillions in debt to refinance. 2. AI Hyperscalers — ~5–7% • Amazon, Google, Microsoft, Meta, Oracle. • Trillions in AI infrastructure spending. • Oracle alone targeting $45–50 billion in debt and equity financing. 3. AI Labs — Massive Equity Raises • OpenAI: $122 billion. • Anthropic: $65 billion. • Hundreds of billions needed to fund the AI race. 4. Neoclouds — ~7–16% Financing Yields • CoreWeave, Lambda, Nebius, IREN, Applied Digital, TeraWulf. • CoreWeave issued 9.625% bonds, with some debt subsequently yielding 15–16%. • Billions needed for GPUs, data centers, and power. 5. Energy & Semiconductors — Trillions in Capex • U.S. utilities: ~$1.3 trillion in projected capex through 2030. • TSMC: $60 billion+ annual capex plans. 6. Bitcoin Treasury Companies — 12–15% Preferred Dividends • Strategy STRC: 12%. • Strive SATA: 13%. • Strive SATS: 15%.