The AI Invoice, A Bitcoin Liquidation, and The Silent Fed

Dear readers,

The invoice for the artificial intelligence era has been finalized, and the sum is roughly equivalent to the GDP of Argentina.

For months, the market operated on a vague promise that generative AI would change everything. Today, we are looking at the specific price tag for that change: $650 billion. That is the collective capital expenditure bill that Amazon, Google, Microsoft, and Meta are presenting to shareholders for 2026.