Live updates: Bitcoin holds above $64,000 as Nasdaq surges on AI trade comeback
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitcoin traded near $63,900 on Thursday, experiencing a slight decline as U.S. stock futures rose. The increase in stock futures followed strong earnings results from Microsoft, which indicated to investors that heavy spending on artificial intelligence (AI) is beginning to yield tangible returns. According to CoinDesk data, S&P 500 futures increased by 0.2% and Nasdaq 100 contracts rose by 0.4% after the Nasdaq had recently slipped into a correction.
Microsoft's shares rose by 8% in premarket trading after its cloud division reported its fastest growth in four years while maintaining controlled spending levels. This performance contrasted with Alphabet's recent announcement, which involved raising its spending forecast and causing some investor unease. Microsoft's results suggested that investment in AI capital expenditure is translating into growth without excessive additional costs.
Why it matters
Market observers saw Microsoft's earnings as a confirmation that AI-driven spending can deliver returns, a development that has influenced broader market sentiment this month. Bitcoin's price movements have closely followed trends in the semiconductor and AI sectors rather than reacting to factors specific to the cryptocurrency market. This indicates that Bitcoin is currently being influenced more by broader technology and stock market dynamics related to AI.