Crypto News

BlackRock has filed to launch the iShares Bitcoin Managed Protection ETF (PBIT), an actively managed Bitcoin ETF that would use options linked to its IBIT fund rather than hold Bitcoin or IBIT shares directly. The filing does not set a launch date; it could become effective around 2 January 2027, but that would not necessarily mean trading starts then. Fees and the listing venue also remain undisclosed. PBIT would combine fixed-income assets with three staggered options tranches. Each tranche aims to limit its initial maximum loss to about 10%, excluding fees, by buying in-the-money calls and selling calls at higher strike prices. The sold calls cap potential gains. The 10% figure is not a fund-wide loss limit or a guarantee: overlapping tranches, market conditions and option terms mean the portfolio has no fixed protection floor. Cash, money-market funds, short-term Treasuries and investment-grade bonds are also planned. BNY Mellon is named for custody and administration. PBIT would be BlackRock’s third Bitcoin-related ETF filing, after spot Bitcoin ETF IBIT and Bitcoin Premium Income ETF BITA, which sells calls to generate income. The strategy may interest investors seeking managed downside exposure, but the filing itself does not create immediate Bitcoin demand, and investors would surrender gains above the options’ caps.

Three AI chatbots see Cardano’s ADA as more likely than Pi Network’s PI to outperform in Q4 2026. Gemini cited ADA’s broad exchange availability, deeper liquidity and lower perceived risk. It warned that PI’s token unlocks could add selling pressure, particularly given thin trading liquidity and limited demand. Gemini identified roughly $0.070 as a potential PI support level and said a break could leave the token vulnerable to a move towards $0.05. Perplexity pointed to Cardano’s planned Dijkstra hard fork, scheduled for December 2026, as a possible catalyst. The upgrade aims to increase transaction throughput, though its market effect will depend on delivery and whether it drives greater network use. ChatGPT also favored ADA for sustained performance but said PI could see a short-term, catalyst-driven surge. It highlighted Pi Network’s first Ecosystem Summit, scheduled for 17–19 November, where platform updates and developer demonstrations could be followed by announcements on ecosystem progress or partnerships. These are chatbot forecasts, not guarantees of future price performance.

Tokenized stocks reached a combined market value of $4.63 billion on Oct. 28, 2026, according to Token Terminal. The market began 2026 below $1 billion and surpassed $3 billion in early September. Its current size matches the stablecoin market in March 2020, although stablecoins have since grown to about $297 billion—a roughly 64-fold increase. The tokenized stocks sector is highly concentrated: Binance’s bStocks, Ondo Global Markets and Backed Finance’s xStocks account for about 81% of the market. BNB Chain hosts the largest share, estimated at 30% to 47%, followed by Ethereum and Solana. Tokenized exchange-traded funds represent the largest asset category, worth between $700 million and $1.1 billion. The comparison with stablecoins highlights potential growth but does not guarantee a similar trajectory. For traders, issuer concentration, custody and redemption arrangements, regulatory treatment, and shifting blockchain market shares remain key risks to monitor.

Kalshi and its co-founders face 14 criminal charges in Utah, including 13 felonies and one misdemeanor, over alleged illegal gambling promotion. The case follows an undercover investigation in which a state agent made 12 sports trades on Kalshi, staking $114.87 and losing $25.10. Kalshi says its sports event contracts are federally regulated derivatives, not gambling; Utah argues they violate state gambling laws. The criminal case follows Utah’s civil lawsuit seeking to block Kalshi from operating in the state and recover fees allegedly collected from local users. The complaint estimates those fees at up to about $61 million. A federal judge ruled in August that Utah’s gambling laws apply to Kalshi contracts, and an appeals court declined to pause that ruling. The dispute has escalated into a federal-state conflict: the Commodity Futures Trading Commission (CFTC) and the US Department of Justice have challenged Utah, arguing federal commodities law preempts state gambling restrictions on federally regulated contracts. The Kalshi case could affect the platform’s access to state markets and set a precedent for other prediction markets. Traders will be watching the court proceedings and any further state enforcement for signals about regulatory risk across the sector.

A guide warns crypto users to verify anyone claiming to represent an exchange, recruiter or business before sharing information, clicking links or sending funds. It cites FTC data showing $3.5 billion in reported losses to imposter scams in 2025, including nearly $1 billion involving people posing as businesses. The FBI’s IC3 said crypto-related crime losses reached $11.4 billion that year. Recommended crypto scam checks include contacting the company through its official website, using exchange verification tools, checking email domains and SPF, DKIM and DMARC results, and confirming identities through company channels. Traders should also inspect links and domain registration dates, and avoid treating social media profiles or video calls as proof. Never share a seed phrase, password or one-time code, install unsolicited software, grant remote access, or move assets to a supposed “safe” wallet. The article advises stopping contact and securing accounts if a user has already engaged with a suspected scam.

Investor Rick says frontier AI companies may ultimately earn more by delivering scientific and commercial outcomes than by selling subscriptions or API tokens. He argues that conventional ARR metrics may therefore fail to capture AI’s long-term value, while the development of AI for Science could create opportunities in drug discovery, materials and energy. Rick’s AI investment preferences are storage, chips, biotechnology and semiconductor equipment. He says he has sold most of his NVIDIA shares, citing competition around chip design, and favors businesses with manufacturing capacity, customer qualification requirements and other time-based barriers. He remains optimistic about memory suppliers and sees potential value in neocloud firms’ contracted power capacity. He also warns that heavy AI infrastructure spending could keep long-term interest rates high, pressuring real estate and emerging markets. On crypto, Rick is bullish over the long term on an agent-based economy using crypto-native payments, but says he has sold most of his Bitcoin (BTC). He cites uncertainty about whether AI could accelerate advances in mathematics, cryptography and quantum computing, potentially increasing concerns about future security. He does not claim Bitcoin is about to be cracked. His comments are an investor’s view, not evidence of an active cryptographic vulnerability.

Beijing’s Haidian District market regulator has fined a technology company more than 930,000 yuan in total in the city’s first case involving the use of blockchain and virtual currencies to assist a pyramid scheme. The company, an outsourced service provider for an unnamed public blockchain, supported its operations, marketing, promotion, exchange links and maintenance. The chain’s “Atomic Plan” and “Hathaway Plan” rewarded participants for recruiting more people and required them to invest funds to qualify. Authorities said the company continued providing technical and promotional support, as well as maintaining virtual currency trading channels, despite being expected to know about the scheme. The case highlights regulatory scrutiny of blockchain services and virtual currency channels used to support pyramid schemes.

Russia is preparing a common crypto investor testing standard for regulated platforms, with brokers potentially starting client assessments by late November. NAUFOR says the standards have been finalised, while the draft was submitted to a Bank of Russia committee for review. Test results are expected to be recognised across licensed platforms using consistent procedures. Earlier draft proposals outlined separate rules for qualified and nonqualified investors. Retail investors would take a basic test and face a proposed annual purchase limit of 300,000 rubles per intermediary for approved, highly liquid crypto assets. Qualified investors would have broader access without an equivalent cap, but would still need to demonstrate knowledge of the risks. Bitcoin, Ether and USDT were among the assets proposed for regulated trading. The latest announcement does not confirm test content or how testing will affect access to crypto assets. NAUFOR is also developing a separate test for digital financial assets; the existing 600,000-ruble annual limit for certain nonqualified investors remains unchanged.

The Federal Reserve held its federal funds target range at 3.75%–4.00% in a 10–2 vote on October 28. Two officials dissented in favor of a 25-basis-point rate increase. The Fed upgraded its assessment of economic activity but said inflation remains elevated. US stocks rose for a third consecutive session, with the S&P 500 up 0.28%, the Dow Jones Industrial Average up 0.19% and the Nasdaq Composite up about 0.27%. After earnings, Microsoft shares gained more than 3% in after-hours trading, supported by 48% year-on-year Azure growth and free cash flow of about $18.6 billion. Alphabet shares fell nearly 10% at one point. Its search advertising growth missed expectations, while higher AI infrastructure spending weighed on cash flow, which was negative $9.07 billion for the quarter. The contrasting reactions show that investors are scrutinizing AI investment returns, earnings quality and cash generation—not just interest rates or revenue growth. The Fed rate hold removes one immediate source of uncertainty, but future inflation and economic data will shape rate expectations. Treasury yields and company cash flows remain important factors for technology valuations. For crypto traders, the policy decision may affect liquidity and risk appetite, but it does not determine Bitcoin’s direction on its own.

Marvell is reportedly in advanced talks to acquire optical-components maker Lumentum, potentially in a deal worth $90 billion to $100 billion. An agreement could be announced as soon as early November, but talks remain unconfirmed and may still be delayed or fall through. Marvell’s potential Lumentum deal would combine Lumentum’s lasers and indium phosphide manufacturing capacity with Marvell’s optical DSP and custom-chip businesses, positioning the companies to meet rising AI data-centre demand for high-speed optical connections as copper links approach practical limits. Lumentum has said some capacity is booked through early 2029 and demand for key products may outstrip supply. Shares initially moved sharply after reports emerged; later trading saw Marvell fall more than 8% and Lumentum rise about 9%, while Coherent also gained. Investors are weighing the strategic benefits against the likely high price, potential dilution and debt, and pressure on Marvell’s margins. Some customers could shift orders to Coherent to preserve supplier choice. The news concerns semiconductor and AI infrastructure rather than cryptocurrency directly, so any crypto-market effect is likely to be indirect and limited.

Sub-Saharan Africa’s crypto economy grew 13.4% to $101 billion between July 2025 and June 2026, making it the fastest-growing region worldwide, according to Chainalysis. The Sub-Saharan Africa crypto market is being driven by practical demand for remittances, cross-border business payments, and access to foreign-currency value. South Africa’s crypto activity rose 52% to $39.3 billion, while Nigeria recorded $38.1 billion, down 3%. Together, the countries accounted for more than three-quarters of regional activity. Ghana grew 80% to $5.1 billion, and Senegal surged 215% to $2.3 billion. Stablecoins are gaining ground as a payment and savings tool. The value of stablecoins received through peer-to-peer channels climbed more than sixfold, from $2.3 billion in 2022 to $14.6 billion in 2026. Personal wallets accounted for 32.3% of regional crypto value received, the highest share globally. Intra-regional crypto payment corridors nearly doubled to 152, while transaction volume more than tripled to $116.5 million. The report also highlights differences in local markets: South Africa saw rising business-like payments and is emerging as a regional crypto hub, while Nigeria’s domestic exchanges expanded and Bitcoin remained prominent in smaller peer-to-peer transfers. Chainalysis says regulatory clarity and integration with banks and existing payment systems will be important to sustaining Sub-Saharan Africa crypto growth.

Rosatom is in preliminary talks with US counterparts about using small modular reactors (SMRs) and microreactors to power AI data centers. Kremlin envoy Kirill Dmitriev raised the idea on 16 October 2026, and Rosatom chief executive Alexey Likhachev confirmed the discussions on 29 October. The talks remain exploratory: no US partners, contracts, sites, funding or timeline have been announced. US sanctions, payment restrictions and regulatory complexity are significant obstacles. Rosatom says it has experience with small reactors and nuclear-powered data centers. Its operating units include two 35 MW reactors commissioned in 2020, while its domestic microreactor designs are rated at 5–50 MWe. The company aims to capture 15–20% of the global SMR market by 2030. The Rosatom-US talks reflect growing demand for reliable electricity to support AI computing, but do not yet represent a confirmed project. For crypto traders, the news is not a direct catalyst for any cryptocurrency; its relevance is indirect, reflecting broader energy needs across digital infrastructure.

Ethereum spot ETFs saw $60.22 million in net outflows on 27 October, followed by a further $21.41 million outflow on 28 October, extending the outflow streak to three days. BlackRock’s ETHA recorded the largest daily outflow on both days, while Fidelity’s FETH and Grayscale’s Ethereum Mini Trust (ETH) attracted inflows. On 28 October, FETH added $18.78 million and the Mini Trust $3.62 million, against $44.83 million in outflows from ETHA. Total net assets rose from $14.18 billion to $14.27 billion, or 4.95% of Ethereum’s market capitalisation. Cumulative net inflows eased from $12.57 billion to $12.55 billion. The latest Ethereum ETF flows suggest near-term selling pressure, although the sizable accumulated inflows indicate that institutional exposure remains significant.

Today’s crypto market news highlights opposing supply and trading signals. Hyperliquid permanently destroyed 49.87 million HYPE, nearly 5% of its maximum supply, a move that reduces token supply. BlackRock transferred nearly $200 million in ETH to Coinbase over two days, while an Ethereum early adopter deposited all 2,119 ETH held in a dormant wallet to Coinbase; neither transfer confirms an immediate sale. Bitcoin faces the expiry of $11 billion in options, with US midterm elections cited as another potential source of volatility. A whale also sold 1.02 million SOL over five days, worth about $104 million. Elsewhere, Australia’s regulator said no prediction-market operators had applied for licences, and Polymarket has been blocked in the country. The crypto market news presents mixed signals: token supply reduction may support HYPE, while large exchange transfers, SOL selling and options expiry could raise volatility.

Stellar has launched Project Thruput, a new execution model now running on FutureNet. Early benchmark tests reported that Project Thruput processed up to 7.02 million payments per second by scaling across multiple machines. The report did not provide further details on the testing methodology or real-world performance, so the figure should be treated as an early benchmark rather than a measure of live network capacity.

Indian trading platform Mochatrade has raised $5.56 million to build a UPI-funded platform for perpetual contracts linked to U.S. stocks. CoinFund led the $4.87 million seed round, with Coinbase Ventures and Zero Knowledge Ventures’ Nicky Montana participating. The total includes $690,000 previously raised from Y Combinator and Pioneer Fund; Y Combinator’s $500,000 investment was paid in USDC on Base. Mochatrade offers leveraged derivatives—not direct share ownership—tied to more than 50 U.S. stocks, including Nvidia, Tesla, Apple and Meta, as well as indices, commodities and crypto assets. Users can deposit and withdraw rupees through UPI, trade with up to 50x leverage, and use a shared-margin account. The company was in beta with more than 25,000 people on its waitlist as of October 26, and planned a public launch in the following weeks. Funding will support its trading engine, risk controls and user growth; Mochatrade has also discussed adding stock options, more assets and social-trading features. Mochatrade says its operating company is registered with India’s FIU-IND as a virtual digital-asset service provider. That registration covers anti-money-laundering obligations and is not blanket approval for its products. The regulatory treatment of stock-linked perpetuals, particularly planned pre-IPO contracts, remains uncertain and could affect the platform’s rollout.

US spot Bitcoin ETFs recorded mixed but substantial inflows in late October, while Ether ETF flows weakened. Lookonchain reported $470.15 million in Bitcoin ETF net inflows on Oct. 22, equivalent to 5,766 BTC; BlackRock’s IBIT and Fidelity’s FBTC accounted for about 92% of the total. Bitcoin ETFs also logged $937.97 million in net inflows over seven days. The same snapshot showed $10.63 million in Ether ETF outflows, led by BlackRock’s ETHA. However, Farside Investors reported inflows to both asset classes for its completed Oct. 21 session, so the daily figures are not directly comparable. In the later update, Bitcoin ETFs recorded $137 million in net inflows on Oct. 28, while Ether ETFs saw $21.41 million in outflows. Since launch, Bitcoin ETFs have attracted roughly $57–58 billion in cumulative net inflows and hold more than $100 billion in assets. Ether ETFs have accumulated about $12.5 billion in net inflows since July 2024, despite October outflows approaching $1.3 billion. Bitcoin traded around $80,000–$81,500 in late October. The divergent Bitcoin ETF and Ether ETF flows signal differing near-term fund demand, but ETF flows alone do not confirm a lasting market trend.

Visa’s annualized stablecoin settlement volume has topped $25 billion, up tenfold year over year. The figure is an annualized run rate, not the total processed in fiscal 2026. CEO Ryan McInerney said Visa supports five stablecoins across 10 blockchains and operates settlement services in five regions. Its platform is available in the US, Mexico, Puerto Rico, Colombia, Switzerland and the UK, with more than 300 prospective partners in its pipeline. Visa also has more than 225 stablecoin-linked card programs, covering about 5 million cards in over 50 countries. Transaction volume from those programs rose more than 150% year over year. Visa Direct’s USDC prefunding service has entered commercial production, with Inyo Global as its first live partner. Separately, Open USD launched on 30 September and had a circulating supply above $800 million as of 15 October. The latest figures point to broader use of stablecoins for payments, blockchain settlement and business treasury services. The growth expands institutional access to stablecoin infrastructure, but does not by itself signal an immediate price move in USDC or the wider crypto market.

Meme coins saw extreme volatility across Solana, BNB Chain, Robinhood Chain and Base between 26 and 29 October 2026, with sharp price swings and rapidly changing trading leaders. The later 24-hour roundup reported Solana top-10 volume of $44.5 million, down from $57.6 million on 26 October. STONK led both periods, with volume easing from $15.4 million to $14.7 million. HOUSECOIN and Grokbot posted striking gains in the later report, while LAUNCH had surged 36,508.5% in the earlier roundup; BTC fell 32.2% initially and 30.0% in the later report. BNB Chain top-10 volume declined from $36.7 million to $33.7 million. The leader changed from IRYS, at $17.5 million, to BNCB, at $20.9 million. Earlier standout gainers included 4AGENT, while JAGENT surged in the later report and GANG fell 36.6%. Robinhood Chain volume rose from $22.5 million to $44.4 million, with PONS leading both reports; NMS and PIZZA recorded large gains in their respective roundups. Base volume climbed from $26.7 million to $90.4 million, but remained heavily concentrated in AXIS. Its reported volume increased from $25.7 million to $89.1 million, while its price fell 35.5% in the later roundup; most leading Base tokens also declined. Overall, the meme coin data show concentrated turnover and fast-changing momentum, not a clear market-wide trend. Traders should verify token data and liquidity and account for the risk of sharp reversals.

A whale sold 1.02 million Solana (SOL) over five days, worth about $104 million, according to blockchain monitoring account Lookonchain. The sale could add short-term selling pressure to SOL, though the report does not identify the whale or say where the tokens were sold.

Gate US has introduced USD balance trading and USD Wire deposits and withdrawals, allowing eligible users to hold and transfer dollars without first converting them into stablecoins. Verified users in supported US jurisdictions can transfer funds from a bank account in their own name; the service is designed to support larger transfers than standard card or in-app options. Users must follow the app’s instructions and include a unique reference code. USD services are unavailable to residents of Colorado, Hawaii, Missouri, New Jersey, Utah and Wyoming. Gate US says it holds 37 state money transmission licences and serves 47 US states and territories.

Pendle reports that STRCx holdings on its platform have surpassed $50 million, setting a new all-time high. Pendle now holds about 30% of STRCx’s total supply. STRCx is described as the largest tokenized equity asset in DeFi. The growth points to rising activity in this tokenized-asset market, but the report does not provide details on the cause or any immediate price impact.

ServiceNow shares fell nearly 18% in after-hours trading after the enterprise software company gave a weaker-than-expected fourth-quarter outlook for contracted revenue growth. The decline came despite stronger-than-forecast revenue and an increased artificial intelligence target. Third-quarter revenue rose 20.5% year on year to $4.106 billion, slightly above analysts’ expectations. Subscription revenue grew 21% to $3.988 billion, while adjusted earnings per share of $1.00 narrowly missed the $1.02 forecast. Current remaining performance obligations, a measure of contracted revenue expected within 12 months, climbed 20.5% to $13.65 billion. Investors focused on projected fourth-quarter cRPO growth of about 18.5%, below the 19.8% analysts expected. ServiceNow forecast subscription revenue growth of roughly 22.5% to 23% for the quarter and raised its full-year subscription revenue forecast to $15.78 billion–$15.79 billion. ServiceNow raised its 2026 AI annual contract value target to $1.7 billion and expanded its partnership with OpenAI. However, investors are weighing that AI momentum against slower expected contract growth and acquisition-related costs. The earnings reaction may also influence sentiment toward technology and AI stocks, but the news has no direct impact on cryptocurrency fundamentals.

VIA Labs has launched bidirectional cross-chain messaging between Stellar’s Soroban smart-contract platform and Ethereum mainnet. The integration lets developers coordinate contract actions and build applications for stablecoin transfers and tokenized assets. VIA’s reference VIAT token uses a burn-and-mint process, with transfers typically taking about one to three minutes. Users pay standard network fees in XLM on Stellar or gas on Ethereum; VIA is waiving its protocol fee on Stellar routes during the launch period. Transfers require a funded Stellar account. Announced at Stellar’s Meridian conference in Lisbon on October 28, the launch adds general-purpose contract messaging alongside existing stablecoin-focused connections. It comes as Securitize plans to support Stellar for tokenized assets and DTCC discusses a future Stellar integration. Those are separate initiatives and are not part of VIA’s live Ethereum connection.

US Senator Steve Daines has voiced support for Chainlink ahead of its Link:NYC event on October 29. The gathering will bring together financial institutions, policymakers and blockchain executives to discuss tokenized assets, stablecoin payments, cross-chain interoperability and financial infrastructure. Speakers include representatives from Swift, Citi, Fidelity Investments, Intercontinental Exchange and the Depository Trust & Clearing Corporation, as well as Chainlink co-founder Sergey Nazarov. Daines’ support follows his introduction of the ADAPT Act with three other senators. The proposed bill would clarify US tax rules for digital assets, including certain stablecoin payments, staking and small network transaction fees. It has not been enacted. Chainlink has also announced institutional initiatives involving Anchorage Digital, Swift and the Hong Kong Gold Exchange. These projects include connecting custodial assets to DeFi lending, enabling cross-chain transfers of the gold-backed XGZ token, and helping financial institutions coordinate blockchain transactions. The announcements add to the institutional adoption narrative around Chainlink, but the article reports no new price catalyst or immediate market impact for LINK.

Sony has launched a global Soneium incubation program to help creators and startups turn blockchain entertainment ideas into commercial products. Selected teams will receive technical infrastructure, business development, marketing, community support and opportunities to work with Sony Group companies and meet potential investors. The program targets services for digital content, fan communities and creator revenue. Applications are open from October to December 2026, with selections expected to continue through March 2027; Sony has not said how many teams will be chosen or guaranteed direct funding. The initiative follows two earlier rounds that supported 43 projects since 2024. It comes as Soneium explores tokenized entertainment across music, anime and gaming, alongside a proposed native token and creator-funding tools. No token has launched, and supply and distribution details remain undisclosed. Soneium, an Ethereum layer 2 network developed by Sony and Startale Group, launched its mainnet in January 2025. The program may attract more developers and users to Soneium, but its impact on network activity and the proposed token remains uncertain.

Y Combinator’s latest AI startup opportunities list argues that AI’s biggest constraints are moving beyond models and into the physical economy. The accelerator highlights 11 areas where startups could build the hardware, infrastructure, financing and specialised software needed to deploy AI at scale. The priorities include lower-cost space access; AI tools that help non-specialists deliver expert services; US-made robots and domestic component supply chains; and language models with stronger writing skills. YC also sees openings in government benefits verification, AI-assisted municipal permitting, financing for physical infrastructure, and specialised foundation models for sectors such as manufacturing, energy and life sciences. Other opportunities include data-centre power, cooling and grid connections, as well as AI systems that can operate in secure, air-gapped environments. YC also points to private and open-weight models that give companies more control over their AI systems and costs. The article cites several scale indicators: US factories installed 38,400 industrial robots in 2025, up 12% year on year; China produced 94% of the world’s sintered rare-earth permanent magnets in 2024; and US data-centre projects face transformer delivery lead times of up to three years. YC’s broader message is that AI startup opportunities are increasingly tied to real-world bottlenecks, not just software applications. The list is a set of investment themes, rather than an announcement of specific YC investments.

South Korea’s ruling Democratic Party plans to meet representatives of five major crypto exchanges on Friday to discuss postponing crypto taxation. The tax is scheduled to take effect in January 2027, but the party has proposed legislation to delay implementation until 2029. It cited inadequate tax infrastructure and difficulties obtaining trading data as reasons for the proposed delay. The discussions may affect the regulatory outlook for South Korea’s crypto market, but no final decision has been announced.

Alphabet stock fell about 9% in after-hours trading after the Google parent reported third-quarter results that missed some Wall Street expectations. Revenue rose 25% year over year to $127.58 billion, slightly below forecasts. Net income declined to $26.17 billion from $34.98 billion, while earnings per share came in at $2.12, partly affected by an $8.7 billion loss on equity investments. Alphabet’s results showed mixed trends across its businesses. Google Cloud revenue surged 103% to $30.7 billion, and CEO Sundar Pichai said the Gemini AI app had reached one billion users. Search advertising revenue rose 12% to $63.3 billion, while YouTube advertising grew 9% to $11.2 billion. Investors focused on the cost of Alphabet’s AI expansion. Capital expenditure reached about $51.36 billion for the quarter, and the company reported roughly $9.1 billion in negative free cash flow. Alphabet maintained its 2026 capital expenditure forecast of $195 billion to $205 billion and warned that spending would rise substantially in 2027. The selloff reflects concerns about whether strong cloud growth and AI adoption can deliver returns sufficient to offset the company’s rising infrastructure costs.