CoinDesk
Bitcoin traded near $65,400 on Thursday, down 0.3% on the day but up 1.4% on the week, holding a tight range as the market waited on Alphabet's quarterly report for a fresh 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 to $195 billion to $205 billion from $180 billion to $190 billion, citing a "supply-constrained" scramble to meet AI demand. Its shares slipped after hours as investors weighed the heavier bill against slimmer free cash flow.
Why it matters
More capital pouring into AI infrastructure is what chip stocks have rallied on all year. Alphabet's own shareholders may not like a fatter capex line, but the suppliers welcomed the higher ceiling. 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.
Market impact
The crypto 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 for risk assets is the Fed on July 28 and 29.
Frequently asked questions
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Why did Bitcoin hold steady while Alphabet raised its capex forecast?
Bitcoin traded near $65,400 as the market waited on Alphabet's earnings for an AI spending read. The crypto majors sat flat through the report, with the next major catalyst being the Fed meeting on July 28 and 29.
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What did Alphabet change in its 2026 capital spending outlook?
Alphabet lifted its 2026 capex forecast to $195 billion to $205 billion from $180 billion to $190 billion, citing a 'supply-constrained' scramble to meet AI demand. The heavier spending weighs on free cash flow.
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How did chip stocks react to Alphabet's capex hike?
Asian chipmakers rose on Thursday, with the Kospi up 3.6% and Samsung and SK Hynix both up more than 2%, on bets they will capture a share of Alphabet's increased AI infrastructure spending.
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How did other major cryptocurrencies perform alongside Bitcoin?
Ether held near $1,916, XRP at $1.13 and Solana at $77. Hyperliquid was the outlier, down 11% on the week.
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What is the next major catalyst for crypto and risk assets?
The Fed meeting on July 28 and 29 is the next test, with oil's July rally also reviving inflation worries that could shape the rate path.
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