Bitcoin

This is the first visible crack in the AI capex narrative that has driven both equity and crypto markets for 18 months. Unlike the 2021-2022 tech selloff, the stress is in the credit layer, not equity — meaning the unwind could be slower, more structural, and more damaging to leveraged players.

Creditors are scrutinizing the liabilities of AI hyperscalers, including leases on data centers, while equity investors remain optimistic.