🚌 Keyrock: Chip Earnings — Not Cooling Inflation — 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 — the single largest contributor to tech sector growth.
• 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.
• Mining difficulty has dropped ~19% from its November 2025 peak — the deepest drawdown since China's 2021 ban — 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.
• Keyrock's take: watch the next few difficulty retargets — a higher low would flag genuine capitulation, but power sold to AI on 15-year contracts doesn't come back.
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