06/02/2026 Daily Reports
Tech Rout, Bitcoin Crash, and The AI Spend Panic
- Bitcoin’s 50% Reset: Bitcoin sank 9% to under $65,000, effectively losing half its value since the record high of $126,210 hit in October 2025. This wipeout has erased all gains made since the second Trump term began.
- The $200 Billion Amazon Shock: Amazon shares plunged 11% in after-hours trading after announcing a staggering $200 billion capital expenditure plan for 2026. Investors are increasingly spooked by the sheer scale of AI infrastructure spending and its impact on near-term margins.
- Anthropic Disruption: New automation tools from Anthropic (Claude Opus 4.6 and legal plugins) triggered a sell-off in traditional software and outsourcing stocks. The fear is that “agentic AI” could replace entire software service models, hitting Indian IT giants and enterprise software firms hard.
- Japan’s Election Pivot: Tokyo’s Nikkei 225 managed a 0.5% recovery ahead of this Sunday’s general election. Prime Minister Sanae Takaichi is seeking a fresh mandate for her “Sanaenomics” stimulus policies amidst peak university exam season.
- Precious Metals Volatility: Silver dropped 6.6% to roughly $71/oz, continuing its wild swings after last week’s historic 31% one-day crash. Gold also retreated to $4,843/oz, as the strong US dollar and policy uncertainty under the Fed Chair nominee Kevin Warsh weigh on non-yielding assets.
- Asian Tech Slump: South Korea’s Kospi and Hong Kong’s Hang Seng both fell over 1.2%, tracking Wall Street’s tech losses. Heavyweights like Samsung and SK Hynix saw declines as the “AI payoff” debate intensified.
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Tech Capex Shock Hits Nasdaq; Europe Slips, Japan Rallies, Metals Tumble on Margin Calls, Oil Drops as Iran Talks Cool Risk
- U.S. equities weakened sharply as AI spending plans rattled investors. The Nasdaq fell 1.59% to around 22,540—its lowest since November—after Alphabet and Amazon signaled heavy AI capital expenditures, raising margin concerns. Amazon slid another 10% after earnings. Softer labor signals added pressure, with weekly jobless claims above expectations and Challenger reporting a 200% YoY jump in layoffs.
- Europe tracked Wall Street’s tech-led pullback. The DAX slipped 0.46% to 24,491, marking a third straight decline, though it attempted a modest early rebound. The index remains down over 2% this month amid global deleveraging and commodity volatility.
- In contrast, Japan outperformed. The Nikkei rose 0.5% to roughly 54,070, buoyed by expectations of a decisive election win for PM Sanae Takaichi’s coalition and continued fiscal support. Chip names such as Lasertec (+4.3%) and Advantest led gains despite the global tech rout.
- Precious metals reversed lower as cross-asset stress triggered margin-related selling. Gold fell 1.2% to $4,889.50, while silver plunged 9.1% to $76.71. A stronger U.S. dollar (two-week high) amplified profit-taking after recent record peaks.
- Oil also retreated. Brent dropped over 2% to the $66–67 range after signs Iran is seeking talks with Washington reduced the Middle East “war premium.” With geopolitical risk easing and U.S. labor data cooling, markets refocused on potential supply surplus concerns.
