Bitcoin traded near $63,900 on Thursday, declining slightly as U.S. stock futures rose on strong results from Microsoft that assured investors that heavy spending on AI is starting to pay off, according to data from CoinDesk.
S&P 500 futures gained 0.2% and Nasdaq 100 contracts rose 0.4% after the index fell in a correction, and Microsoft rose 8% premarket after its cloud unit grew at the fastest pace in four years while keeping a lid on spending.
That is the reading that the market has wanted all month. While Alphabet last week raised its spending forecast and rattled investors, Microsoft showed the returns came without a bigger bill, in a sign that AI capital spending is turning into growth.
Bitcoin has closely followed that trade, moving with the chip and AI complex rather than anything crypto-specific.
