Live markets: Bitcoin trades above $65,000 as Alphabet's bigger AI bill props up the chip trade
CoinDesk 2026-07-23 09:03:33
Context: Alphabet, the parent company of Google, reported revenue that exceeded expectations but increased its forecast for spending on artificial intelligence, causing its stock to decline after hours. This development had a positive impact on the cryptocurrency market, with Bitcoin trading above $65,000. The increased spending on AI is seen as a bullish signal for the chip trade, which Bitcoin is closely tied to.
Key Facts
- Alphabet's revenue beat expectations, but the company's increased forecast for AI spending led to a decline in its stock price after hours.
- Bitcoin is trading above $65,000, buoyed by the increased spending on AI, which is seen as a positive development for the chip trade that Bitcoin tracks.
- The chip complex, which includes companies involved in the production of semiconductors and other computer chips, is closely tied to Bitcoin and is experiencing a boost due to Alphabet's increased AI spending plans.