Two unrelated shocks converged on speculative assets: disappointing AI capex returns sent Alphabet down 12.64% and dragged Nasdaq, Nikkei and Asian semiconductors lower, while a ~$6.3B Binance security breach pushed Bitcoin toward $77,000. A falling Treasury yield hints at mild spillover, but broader equity performance stops short of confirming a generalized risk-off move—Nasdaq’s 25,802.96, Nikkei’s 61,462.61 and Bitcoin’s $75,000–$76,000 zone are the levels that will decide if it deepens.
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