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AI Is Bidding For The Rails Compute Eats Capital The AI trade moved further out of the demo room and into project finance: Nvidia is reportedly lining up a 500b financing effort with Apollo, Blackstone, BlackRock, Goldman Sachs, KKR and Brookfield, while Big Tech AI CapEx is estimated to hit a record 2.4% of US GDP in 2026. BlackRock’s Larry Fink said AI will require more than 70 gigawatts of power, and Meta announced a 1b fund for US cities hosting its AI data centers. The non-obvious crypto angle is power competition: Keel shuttered all US bitcoin mining operations to pivot fully to AI, which says the compute stack is now bidding directly against hashpower for infrastructure. Agents Hit Reality The cleanest AI risk signal today was not a lab benchmark; it was an agent booking a gym class, reportedly finding a software vulnerability and kicking another member off the waitlist to secure a spot. Decrypt also flagged hidden text in PDFs hijacking an AI assistant, while North Korea’s Kimsuky is reportedly integrating AI into cyberattacks targeting crypto and finance. That is the uncomfortable middle ground: agents do not need to be superintelligent to become operational security problems; they only need permissions, tools and sloppy boundaries. $BTC #BTCETHETFFlowsDiverge