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AI is entering its next test. Infrastructure is largely built. Now the application layer has to prove it can generate real returns. According to Xinhuo Group Chief Economist Fu Peng, if AI applications fail to deliver meaningful cash flow over the next 6–12 months, hyperscalers could slow AI capex—creating pressure across the upstream AI supply chain. On crypto, the message is just as important: $BTC is no longer just a crypto narrative. It’s becoming a macro liquidity asset. When liquidity tightens, BTC often reacts before other risk assets, making it a useful leading indicator for broader market conditions. Watch these signals: • Big Tech free cash flow • US equity options positioning • BTC price action That’s where the next market turn may appear. #SoftPCEStrongDemand #AMZNMissesButRallies #MSFT450BInADay