TISCO Economics strategists warn of a global "capital competition" between governments scaling military spending (US defense budget jumping 50%, Japan to 3.5% of GDP) and big tech/hyperscalers (Microsoft, Amazon, Nvidia) racing to build AI infrastructure and data centers. This simultaneous demand for capital is pushing bond yields up 0.60–0.90% and will sustain elevated global interest rates for years. The US Fed is expected to raise by 0.25% in December, stabilizing around 4.25% into 2025. Thai SMEs and financial institutions face prolonged high borrowing costs regardless of domestic policy.