Live markets: Bitcoin trades above $65,000 as Alphabet's bigger AI bill props up the chip trade

Bitcoin traded near $65,400 on Thursday, showing a slight daily decrease of 0.3% but a weekly increase of 1.4%, according to CoinDesk data. The cryptocurrency market remained relatively calm during the release of Alphabet’s earnings report, which had been highly anticipated for insights on artificial intelligence (AI) spending.

Alphabet posted a mixed performance in its earnings. The company reported a 24% rise in revenue, reaching $119.8 billion, and an 82% growth in its cloud segment, both of which exceeded market expectations. However, Alphabet also increased its 2026 capital spending forecast to between $195 billion and $205 billion, up from the previous $180 billion to $190 billion. This larger capital allocation was attributed to intense demand for AI-related infrastructure amid supply constraints. Despite the revenue gains, Alphabet’s stock declined in after-hours trading as investors considered the implications of higher spending alongside reduced free cash flow.

While Alphabet shareholders showed some apprehension about the increased capital expenditure, the push for heavier AI infrastructure investment positively impacted chip stocks. Asian chipmakers, including Samsung and SK Hynix, rose more than 2%, with the South Korean Kospi index climbing 3.6%. This rally reflects market optimism that these companies will benefit from the heightened AI infrastructure spending.

Other major cryptocurrencies like Ether, XRP, and Solana remained relatively flat, with prices near $1,916, $1.13, and $77 respectively. Hyperliquid stood out with an 11% decline on the week. In addition to crypto developments, oil prices continued their upward trajectory, extending a rally from July that has reinforced concerns about inflation. Market participants are now looking ahead to the Federal Reserve’s upcoming meeting on July 28 and 29 for further direction.