Rising AI spending and macroeconomic uncertainty are pressuring equities and reviving interest in Bitcoin as a macro hedge. In 2024, Bitcoin gained 121%, compared with 27% for gold, driven by institutional demand and the launch of spot ETFs. In October, GLD, the largest US physically gold-backed ETF, recorded $1.8 billion in outflows, while Bitcoin ETFs collectively saw $515 million in outflows. This shift may indicate that investors are reassessing traditional safe-haven assets, while upcoming earnings from Amazon, Apple, and Palantir will shed light on the pressure created by AI investment spending.
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