Bitcoin remained close to $65,400 during Asian trading hours on Friday, barely flinching despite a massive sell-off in major U.S. technology stocks that erased almost $800 billion in market value.
The so-called Magnificent Seven, a group of megacap tech giants that have propelled the U.S. stock market for years, suffered their worst day since April 2025. They dropped 4.8% on Thursday, pulling the S&P 500 down 1.2% and the Nasdaq 100 by 1.9%. This slump wiped out roughly $2 trillion from the tech sector since the group’s late-May peak, leaving them 11% lower.
AI spending sparks investor jitters
The plunge was triggered by growing unease over artificial intelligence investments. Alphabet raised its capital expenditure forecast to as much as $205 billion this year, while Tesla’s CEO Elon Musk described 2026 as a “massive capex year” after the company posted profits below expectations. These announcements intensified fears that tech firms are pouring billions into AI infrastructure faster than their profits can support.
Bitcoin has closely mirrored this AI-driven tech trade throughout the month, climbing when chip stocks advanced and dropping when they faltered. That correlation made Bitcoin’s resilience during Thursday’s tech rout unusual.
While Bitcoin dipped less than 1%, down to about $65,400, it still gained 3% over the week. Other cryptocurrencies fared worse, with Ether falling 3% to $1,879, Dogecoin dropping 5% to $0.069, and XRP retreating 2% to $1.11.
