$ONE$CRM Benioff admits in person: the entire AI industry is “working for” Huang Renxun. The underlying computing power lifeblood of Salesforce’s AIforce platform is in NVDA’s hands—this isn’t cooperation; it’s dependence. At the macro level, expectations for Fed rate cuts have been swinging back and forth, the U.S. dollar index at high levels has turned sluggish, and no liquidity turning point has appeared. Institutional capital is still huddled in technology heavyweight stocks—Goldman just removed a key bullish S&P statistic, and the “20-year compounding myth” of QQQ is being recited again and again. That precisely shows the market’s dependence on “AI faith” has reached its peak. This dependence then transmits to the crypto market: once the U.S. stock AI narrative loosens, BTC as a risk asset’s downstream outlet will inevitably come under pressure. The current narrow-range fluctuation around $76,705 is a snapshot of liquidity waiting-and-seeing. If there is a crack in NVDA’s earnings report or in the Fed’s messaging, BTC will first pull back, and altcoins will fall even harder. Conversely, only when AI surplus capital overflows will it spill into crypto. My take: in the short term, if BTC can’t hold 76,000, I’ll retreat; if it holds, I’ll wait for U.S. stock AI sentiment to spill over. Do you think this round of AI crowding breaks first, or BTC decouples first? See you in the comments.