Traders await Alphabet’s results to assess whether $190 billion in AI capital spending is yielding returns amid chip stock volatility.
Bitcoin traded near $65,900 on Wednesday, remaining just under its two-week high as markets paused to evaluate Alphabet’s earnings report. The cryptocurrency is up 1.5% for the week but mirrors broader tech sector caution, with Nasdaq 100 futures down 0.8% and global tech stocks lagging.
Alphabet’s announcement last quarter that it would more than double capital spending to $190 billion this year has heightened scrutiny. Investors seek proof that AI investments are generating returns, particularly after recent volatility in chip stocks raised concerns about sustained spending.
Bitcoin’s correlation with the AI trade has strengthened this month, rising with chip stocks and falling during pullbacks. Ether held near $1,917, up 2% on the week, while other assets showed mixed performance ahead of the Federal Reserve’s July 28-29 meeting.