Global stock and bond double kill: 30-year US bond yield surges to 5.33%, AI industry chain suffers heavy blow BlockBeats News: On August 19th, global financial markets experienced severe volatility, with a "stock and bond double kill" in the European, American, Japanese, and Korean markets, and the soaring long-term US bond yields becoming the focus of market attention. In the Asian market, a significant drop in the South Korean stock market triggered trading mechanisms, with the KOSPI index closing down 5.8%, SK Hynix falling nearly 10%, and Samsung Electronics falling over 8%; The Nikkei 225 index closed down 3.16%. Over 5000 A-shares fell, with semiconductors, computing hardware PCB、 The AI industry chain sectors such as storage and CPO led the decline. In terms of the US stock market, the three major indexes have fallen for the third consecutive trading day, with the Philadelphia Semiconductor Index falling nearly 5% in a single day. Micron Technology, Western Digital, SanDisk Marvell、AMD、 The stock prices of AI related companies such as Intel, Coherent, and Credo have experienced significant declines. Market analysis suggests that the core trigger for this round of selling is the rapid rise in global long-term bond yields. The yield on 30-year US Treasury bonds rose to 5.33% during trading, reaching a new high since 2007. At the same time, the yields of long-term treasury bond bonds of France, Germany, the United Kingdom and Japan have all risen to multi-year highs, and the global cost of long-term capital is being repriced. According to data from the US Treasury Department, overseas investors' holdings of US Treasury bonds decreased to $9.299 trillion in June, a decrease of approximately $72 billion from May. Among them, Japan's holdings decreased to $1.116 trillion, with a monthly reduction of $26.4 billion; UK holdings have dropped to $939.9 billion. With the rise of risk-free interest rates, the market is beginning to reassess the high capital investment model of the AI industry. Investors are concerned that the continued expansion of data centers, GPU procurement, and infrastructure construction requires significant financing, and higher funding costs may compress the future cash flow valuation of technology companies. The current market is focusing on three major variables: the trend of 30-year US Treasury yields, the Federal Reserve's judgment on the long-term interest rate path, and whether the subsequent financial reports of tech giants such as Nvidia and Broadcom can verify the expected return on AI investments. The US Treasury Department will issue $16 billion 20-year US Treasury bonds at 1:00 am Beijing time on Thursday, and the market will closely monitor the results of this issuance. [Original link]