Data center build outs, and whatever else. When it implodes the government will bail them out for concessions to fuck us.

AI companies don't buy government bonds, but some AI companies sell their own bonds. Google and Oracle for example and I believe SoftFail is also looking to sell bonds so they can refinance a loan they used to get a stake in ClosedAI.

Google's most egregious bond is one that matures in 2126. You'll only be paid interest until a century from now when you'll get the principal back. A ridiculous investment if you ask me, but they say it's fine because thanks to AI they'll earn a gazillion dollars by then and surely won't go bankrupt.

It should also be mentioned that a large proportion of bonds aren't government bonds at all, companies selling bonds isn't anything new, there's basically two ways for a company to raise funds: Sell bonds or sell equity. Bonds are preferable if you know you can pay them back easily because nobody gives up any shares.