According to the source, the Federal Reserve’s May 2024 Financial Stability Report flagged stretched equity valuations concentrated in large-cap technology, underscoring that market leadership tied to AI narratives heightens downside risk if earnings or capex disappoint, source: Federal Reserve. The IMF’s October 2024 Global Financial Stability Report warned that narrow market breadth—dominated by AI beneficiaries—can amplify drawdowns and volatility transmission to other risk assets, source: International Monetary Fund. FactSet reported that the Magnificent 7 drove a disproportionate share of S&P 500 price returns and 2024 EPS growth contributions, increasing the index’s sensitivity to AI-linked earnings and guidance, source: FactSet Earnings Insight. BEA data show sustained strength in investment in intellectual property products and information processing equipment through 2024, indicating that a meaningful slice of nonresidential investment is tied to the AI and data center capex cycle, source: U.S. Bureau of Economic Analysis. Kaiko research observed that AI-linked crypto tokens such as FET and RNDR experienced volume and return spikes around Nvidia earnings events in 2024, implying a tradable spillover between AI equity catalysts and AI-theme crypto assets, source: Kaiko. For BTC and ETH, cross-asset beta to U.S. equities fell to multi-year lows in 2024, yet macro shocks from an AI unwind can still transmit via liquidity, volatility, and dollar rates, warranting close monitoring of NVDA earnings, hyperscaler capex guidance, and BEA capex prints, source: Kaiko, Nvidia investor relations, Microsoft, Alphabet, Amazon filings, and U.S. Bureau of Economic Analysis.

According to @GracyBitget, Bitcoin’s price is currently driven by macro factors including rate-cut expectations, trade war developments, AI/tech progress or bubble risk, and the implementation of crypto-friendly policies. source: @GracyBitget on X, Sep 21, 2025. She states the traditional four-year cycle has weakened, with a potential medium-term high in November 2025, while both current levels and that prospective high are likely to be relatively low when viewed over the next five years. source: @GracyBitget on X, Sep 21, 2025. She also notes the blockchain sector remains early and close to capital, with strong demand for talent in public chain and ZK engineering, crypto financial products and venture strategy, and GameFi/NFT application design. source: @GracyBitget on X, Sep 21, 2025.