Emmanuel Moulin, governor of the Bank of France, warned in Barcelona that artificial intelligence investments are increasingly financed with debt. He fears that a fall in valuations of US AI companies could spread to European markets, with European investors holding an estimated 15 to 20 percent of US securities. Listed bitcoin miners converted their facilities into data centers and substantially increased borrowing to secure major contracts with Microsoft, CoreWeave and Fluidstack. Miner debt rose from 2.1 billion to 12.7 billion dollars between mid-2024 and mid-2025, while their reserves fell by more than 15,000 BTC. In this context, bitcoin traded around 76,800 dollars following the correction in the Nasdaq 100, although rental guarantees provided by Google limit the risk.
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