Finance

Tech-focused sectors faced selling pressure after quarterly reports from data-storage firms Sandisk and Western Digital failed to satisfy high investor expectations despite showing robust growth. This drop influenced broader hardware and semiconductor markets, fueling investor scrutiny over the massive capital expenditure requirements of the AI investment cycle.

SpaceX shares fell over 13% following its first quarterly earnings report as a public company, which revealed a sixfold jump in capital expenditures heavily focused on artificial intelligence. Pressure remains on the stock as a lockup period expires, allowing early investors and employees to trade more than 900 million shares.

Bitcoin stabilized above the $64,000 threshold, reflecting a performance gap over the broader cryptocurrency market. Analysts note that capital is rotating predominantly toward large-cap assets like Bitcoin and Ether, while smaller alternative tokens face decreasing open interest and lack momentum.