Live markets: Bitcoin trades above $65,000 as Alphabet’s bigger AI bill props up the chip trade
liveUpdated 17 minutes ago
Alphabet beat on revenue but raised its AI spending forecast again, sending its stock lower after hours. For the chip complex bitcoin tracks, more spending is the bullish read.
By Shaurya Malwa and Omkar Godbole
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Institutional demand is back and how.
The U.S.-listed spot bitcoin exchange-traded funds (ETFs) have pulled in nearly $1 billion in investor money over a period of seven straight trading days.
Investors have allocated almost $500 million this week alone, the best performance since early May, according to data source SoSoValue.
Bitcoin’s recently price topped $66,000 for the first time since mid-June and was last seen at around $65,680.
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Bitcoin traded near $65,400 on Thursday, down 0.3% on the day and up 1.4% on the week, per CoinDesk data.
The market stayed quiet through Alphabet’s earnings, the report the whole week had been waiting on for a read on AI spending.
Alphabet delivered a split verdict. Revenue rose 24% to $119.8 billion and cloud grew 82%, both ahead of expectations, but the company lifted its 2026 capital spending forecast again, to $195 billion to $205 billion from $180 billion to $190 billion, citing a “supply-constrained” scramble to meet AI demand.
Its stock fell after hours as investors weighed the heavier spend against slimmer free cash flow.
Alphabet’s own shareholders may not like a fatter bill, but more capital pouring into AI infrastructure is what chip stocks have rallied on. Asian chipmakers rose again on Thursday, with the Kospi up 3.6% and Samsung and SK Hynix both up more than 2% on bets they will capture some of that spending.
The majors were flat. Ether held near $1,916, XRP at $1.13 and Solana at $77, with Hyperliquid the outlier, down 11% on the week. Oil kept climbing, extending a July rally that has revived inflation worries.
The next test is the Fed on July 28 and 29.
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Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
18 hours ago
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.