π Keyrock: Chip Earnings β Not Cooling Inflation β Just Set an S&P 500 Record. Bitcoin Didn't Get the Memo
July CPI eased to 3.4% and producer prices came in flat, but the S&P 500's record close was paid for by semiconductor earnings, which grew 135% YoY β the single largest contributor to tech sector growth.
β’ Bitcoin fell 3.7% to $62,829 on the lowest spot exchange volume since 2019, even as gold hit a two-month high and the dollar slipped.
β’ Mining difficulty has dropped ~19% from its November 2025 peak β the deepest drawdown since China's 2021 ban β but it's not capitulation: miners like Hut 8 and Core Scientific are re-pointing gigawatts of power toward AI compute leases instead of going bankrupt.
β’ Keyrock's take: watch the next few difficulty retargets β a higher low would flag genuine capitulation, but power sold to AI on 15-year contracts doesn't come back.
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