Bitcoin hits its lowest price in more than a year.
What's driving its fall?
That's the narrative that it's supposed to be this digital gold that it would perform better than gold.
But the reality is that it just has not acted like a hedge against inflation and has underperformed gold.
Plus, big tech companies like Google and Meta plan to spend billions on AI this year.
Investors are having mixed feelings.
And the latest batch of Epstein files shakes up UK politics and an elite US law firm.
It's Thursday, February 5th.
I'm Alex O'Sullivan for The Wall Street Journal.
This is the PM edition of What's News,
the top headlines and business stories that move the world today.
Big tech companies are announcing big AI spending plans.
Meta said last week that it would spend up to $135 billion on capital expenditures this year.
And yesterday, Google parent Alphabet said it was planning to spend as much as $185 billion,
about double last year.
Investors have their doubts.
WSJ heard on the street columnist Dan Gallagher joins we now with more.
Dan, I just laid out these.
eye-popping numbers for CapEx spending this year.
Is it all going to the building out of AI?