Alphabet and Meta are projected to spend approximately $93 billion and $72 billion respectively on artificial intelligence (AI) development by 2025. Microsoft has already spent $35 billion on the rapidly evolving technology in a single quarter. These exorbitant figures, presented in Wednesday's quarterly report, have unsettled Wall Street, and this anxiety is reflected in the market. On Thursday, the tech-heavy Nasdaq fell nearly 300 points, the S&P 500 dropped 44 points, and the Dow Jones was essentially flat. Bitcoin appeared to follow suit, falling about 3% in the following 24 hours.
Many expected Bitcoin's price to stabilize after Wednesday's interest rate cut and successful US-China trade talks. However, experts predict AI spending will reach approximately $1.5 trillion this year, and a so-called bubble burst could have catastrophic consequences for the global economy. Personally, I remain bearish on Bitcoin!
Many expected Bitcoin's price to stabilize after Wednesday's interest rate cut and successful US-China trade talks. However, experts predict AI spending will reach approximately $1.5 trillion this year, and a so-called bubble burst could have catastrophic consequences for the global economy. Personally, I remain bearish on Bitcoin!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.