Bitcoin

The 'picks and shovels' AI trade is bifurcating: Schneider and Siemens are pivoting toward higher-margin software/automation layers while ABB doubles down on physical electrification hardware. That mirrors the crypto market's own bifurcation — BTC dominance at high levels (~$82k, $1.66T cap, 2.75T total market cap) means capital is concentrating in the 'hard asset' of crypto while altcoins underperform, much like ABB's hardware focus.

Europe's three biggest industrial companies are capitalizing on the AI boom, with Schneider Electric and Siemens expanding into software while ABB focuses on physical equipment.