The AI market has just experienced a round of collective upward movement, but the earnings reports from technology giants have poured cold water on the market. Alphabet's performance was below expectations, and Samsung's stock price fell, putting pressure on Asian tech stocks, which also saw a synchronized adjustment in the cryptocurrency market.

On October 29, global tech stocks welcomed a new wave of volatility.

After Alphabet announced its quarterly results, its stock price fell 12.6% in U.S. trading, marking a significant decline. The market is concerned not only with the revenue performance falling short of expectations but also with the company's continued increasing investments in AI infrastructure: expenditures on data centers, chips, and computing power are continuously expanding, but there are doubts about whether the returns on investment can keep pace.

Asian markets were subsequently affected. Despite Samsung Electronics reporting record operating profits for the third quarter, its stock price still dropped by more than 4%, and the South Korean KOSPI index weakened simultaneously. Investors' expectations concerning semiconductor business profits and shareholder returns have diverged from previous optimism.

Previously, tech stocks were a crucial driving force behind the rise of global risk assets, but the differentiation in earnings reports is beginning to change market sentiment.

1. Alphabet and Samsung fell, AI trades begin to show divergence

This round of adjustments does not mean the market no longer holds a positive outlook on AI; rather, investors are starting to pay more attention to the gap between investment and returns.

Alphabet's quarterly revenue did not meet market expectations, and the increase in capital expenditures and cash consumption related to AI has raised concerns about profitability. In contrast, Microsoft's cloud business showed better performance, and its stock price rose about 3% in after-hours trading.

Samsung's situation reflects another layer of issues: demand for AI chips is still strong, but the market's performance requirements have risen. Even if the company's profits set a record, stock prices may still be under pressure as long as some business performances or shareholder returns fall short of expectations.

This means that the AI industry chain is no longer a simple overall upward logic; funds are beginning to differentiate which companies can convert AI demand into profits and which ones still need to bear enormous expenditures.

2. Asian stock markets adjust, risk appetite transmits to the cryptocurrency market

On October 29, the MSCI Asia-Pacific (excluding Japan) index fell about 0.7%, the South Korean KOSPI showed significant weakness at one point, and Taiwan's weighted index also experienced a decline. Nasdaq futures dropped about 1% during Asian trading hours.

The cryptocurrency market is also under pressure.

According to CoinDesk data, BTC briefly dropped to about $79,600, then fluctuated around $80,000, with a 24-hour decline of about 1.4%; ETH fell about 1.7%, and meme coin indexes dropped over 3%. AI-related tokens also became one of the sectors experiencing noticeable adjustments.

This linkage does not mean that the decline in tech stocks will directly determine BTC's trajectory, but reflects the change in market liquidity risk appetite.

When tech stock valuations come under pressure and investors reduce exposure to highly volatile assets, cryptocurrencies tend to be affected as well. In particular, sectors like AI concept tokens and DeFi tokens, which are more sensitive to market sentiment, may experience more pronounced short-term volatility.

However, the flow of funds is not entirely uniform. The U.S. spot Bitcoin ETF recorded approximately $137 million in net inflow on October 28, marking the third consecutive trading day of net inflows. This indicates that some institutional funds have not exited due to the volatility in tech stocks.

3. After the tech stock adjustment, what should the cryptocurrency market focus on?

The current market is facing not only emotional changes brought by tech stock earnings reports but also the influence of monetary policy and inflation expectations.

The Federal Reserve previously maintained interest rates, but two officials supported a rate increase, prompting the market to refocus on the December policy direction. The upcoming U.S. September PCE inflation data will further influence investor judgments on the interest rate path.

Meanwhile, the subsequent earnings reports from tech companies like Amazon and Intel will also become an important window for observing AI investment returns.

For the cryptocurrency market, the next key signals to focus on are:

• Tech stock performance: Can the earnings reports from AI giants stabilize market expectations for the tech sector again?
• Macroeconomic liquidity: Will the PCE data and Fed policy expectations further tighten financial conditions?
• Cryptocurrency fund flows: Will the BTC ETF continue to experience net inflows, and will the derivatives market see concentrated deleveraging?

The real focus of this market adjustment should not just be whether BTC can hold at $80,000, but whether tech stocks, macro rates, and cryptocurrency funds are beginning to form a new resonance.

The AI investment boom has not ended, but the market's demands for investment returns are increasing. As tech stocks no longer continue to rise, the cryptocurrency market must also face the pressure brought by changes in risk appetite.

If you are also paying attention to the Crypto market and want to participate in trading or asset allocation, you can register through the following exclusive channels and enjoy discounts:

Binance: Register through the exclusive link and fill in the invitation code aicoin668 to enjoy a 10% rebate.

Registration link: https://jump.do/zh-Hans/xlink-proxy?id=3

Benefit Group: https://www.aicoin.com/link/chat?cid=gmLgwvKD1

OKX: Register through the AiCoin exclusive link for a permanent 20% rebate.

Registration link: https://jump.do/zh-Hans/xlink-proxy?id=2

Benefit Group: https://aicoin.com/link/chat?cid=l61eM4owQ

Bitget: Register through the AiCoin exclusive channel to enjoy a 10% rebate on transaction fees.

Registration link: https://jump.do/zh-Hans/xlink-proxy?id=6

Benefit Group: https://aicoin.com/link/chat?cid=N63yYYKQE

You are also welcome to join the AiCoin-related communities to obtain more information on new coins and profit information from exchanges:

Official Telegram community: https://t.me/aicoin_support

AiCoin Chinese Twitter: https://x.com/AiCoinzh

The content of this article represents only the author's personal views and does not represent the stance of this platform. The opinions, conclusions, and suggestions in this article are for investors' reference only and do not constitute any investment advice related to this platform. The market has risks, and investments should be cautious.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。