On Thursday, Bitcoin was trading around $65,400, reflecting a 0.3% decline for the day but a 1.4% increase for the week, according to CoinDesk data.
The market remained subdued as investors awaited Alphabet's earnings report, which was anticipated for insights into AI expenditure.
Alphabet's report yielded mixed results. The company saw a 24% rise in revenue to $119.8 billion and an impressive 82% growth in its cloud segment, both surpassing forecasts. However, it also raised its 2026 capital spending projection to between $195 billion and $205 billion, up from a previous range of $180 billion to $190 billion, due to a "supply-constrained" effort to meet AI demands.
Following the earnings release, Alphabet's stock dipped in after-hours trading as investors considered the increased spending against a backdrop of reduced free cash flow.
While Alphabet's shareholders may be concerned about the rising costs, the influx of capital into AI infrastructure has positively impacted chip manufacturers. On Thursday, Asian chip stocks performed well, with the Kospi index climbing 3.6%, and both Samsung and SK Hynix seeing gains of over 2% as they are expected to benefit from the increased spending.
Major cryptocurrencies remained steady, with Ether around $1,916, XRP at $1.13, and Solana at $77, while Hyperliquid experienced an 11% decline over the week. Oil prices continued to rise, extending a rally from July that has reignited inflation concerns.
The upcoming Federal Reserve meeting on July 28 and 29 will be the next significant focus for the market.