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AI Capex Peak and BTC vs Nasdaq Outlook
Citrini Research notes that AI‑led Nasdaq growth has peaked, with hyperscaler capex nearing $1 T versus $200 B ecosystem ARR, and cites OpenAI’s July 30 token price cut as evidence of demand elasticity. Their Bottom Signals framework highlights that BTC has been flat versus Nasdaq since Nov 2017, and the NAS100/BTC ratio reached record overbought levels in Q2 2026, prompting a shift to BTC exposure. Recent data shows Hyperliquid’s HIP‑4 markets hit $31.6 M weekly volume, and an upcoming DAS London event on Nov 10‑11 will focus on institutional finance on‑chain.