The latest Federal Reserve meeting minutes released a signal worth watching: policymakers have placed AI-investment-driven capital expenditures alongside tariffs and geopolitics on the list of factors that could fuel higher inflation. Nick Timiraos—“the New Federal Reserve press agency,” long viewed as a bellwether for policy—also specifically pointed out this subtle shift. The minutes explicitly state, “Price pressures are becoming more widespread, with clear increases across multiple categories of goods and services.”

That made me realize that if the AI infrastructure boom keeps burning money and resources and meaningfully lifts the price floor, the Fed’s room to maintain current interest rates would be squeezed—possibly to the point of even restarting rate hikes. For the crypto market, rising rate-hike expectations have long been the “tightening spell” on risk assets, but this time the script is different: the drivers of inflation are shifting from traditional supply-demand mismatches to the AI arms race among tech giants. When Meta and Microsoft’s capital expenditures become a new macro variable, the market’s logic for pricing risk assets is being reshaped, and the negative correlation between crypto and interest rates may no longer be as linear as before. #SK海力士ADR指导价149美元