🚨 AI is booming. Inflation is sticky. Bitcoin faces its next real test.
Markets just received two very different signals.
🤖 NVIDIA confirmed that the AI boom is still accelerating. Quarterly revenue reached $96.2B, +106% YoY, while Data Center revenue hit $89B, +117%. The company guided for around $108B next quarter. Demand for AI compute clearly isn’t the problem yet.
🇺🇸 But US macro is getting complicated. July PCE inflation came in at 3.7% YoY, slightly hotter than expected. Q2 GDP growth was just 1.5%, while real consumer spending was flat in July. Markets are now pricing roughly a 40% probability of a September Fed hike.
₿ Bitcoin is holding around $78K–$80K. This is where things get interesting. BTC has recently behaved less like pure high-beta tech: its correlation with Nasdaq has fallen, while its price action has looked increasingly similar to gold.
So the market now faces a simple conflict:
AI growth ↑
Inflation remains sticky
Cost of money could ↑
🎯 My view: the next major signal will come from Jackson Hole.
If the Fed stays hawkish and $BTC still holds the $75K–$80K zone despite a stronger dollar and higher yields, the case for Bitcoin evolving into an alternative monetary asset / debasement trade becomes much stronger.
For AI, the question is also changing.
It’s no longer: “Is there demand?”
NVIDIA answered that.
The bigger question is: Who will finance the next trillion dollars of AI infrastructure — and what return will that capital generate?
Watch: #BTC | $NVDA | DXY | US 2Y/10Y | Jackson Hole
Markets just received two very different signals.
🤖 NVIDIA confirmed that the AI boom is still accelerating. Quarterly revenue reached $96.2B, +106% YoY, while Data Center revenue hit $89B, +117%. The company guided for around $108B next quarter. Demand for AI compute clearly isn’t the problem yet.
🇺🇸 But US macro is getting complicated. July PCE inflation came in at 3.7% YoY, slightly hotter than expected. Q2 GDP growth was just 1.5%, while real consumer spending was flat in July. Markets are now pricing roughly a 40% probability of a September Fed hike.
₿ Bitcoin is holding around $78K–$80K. This is where things get interesting. BTC has recently behaved less like pure high-beta tech: its correlation with Nasdaq has fallen, while its price action has looked increasingly similar to gold.
So the market now faces a simple conflict:
AI growth ↑
Inflation remains sticky
Cost of money could ↑
🎯 My view: the next major signal will come from Jackson Hole.
If the Fed stays hawkish and $BTC still holds the $75K–$80K zone despite a stronger dollar and higher yields, the case for Bitcoin evolving into an alternative monetary asset / debasement trade becomes much stronger.
For AI, the question is also changing.
It’s no longer: “Is there demand?”
NVIDIA answered that.
The bigger question is: Who will finance the next trillion dollars of AI infrastructure — and what return will that capital generate?
Watch: #BTC | $NVDA | DXY | US 2Y/10Y | Jackson Hole
