South Korean data center firm Elice recovered 30% after suffering a similar-sized decline following its initial public offering a day earlier.
Bitcoin Approaches $84,000 as U.S. Equities Advance
SpaceX shares jumped 10%, while Tesla rose 4%, supporting a 0.7% gain in the Nasdaq during the first 30 minutes of Wednesday’s session.
Losses in other major technology stocks limited the advance. Netflix dropped 3% following its earnings announcement, while Alphabet’s Google declined 2%.
U.S. Treasury yields fell by around three basis points across maturities, contrasting with rising bond yields in European markets.
Bitcoin also extended its gains, climbing 2.5% over the previous 24 hours to approximately $83,750 as it moved closer to the $84,000 mark.
Silvia Plans Executive Changes Amid $10 Million Cost-Saving Drive
Silvia (SVIA), the company linked to Anthony Pompliano, announced that Chief Operating Officer Megan Pacchia, Chief Financial Officer Renae Cormier and Chief Legal Officer Kyle Wood would be leaving their positions.
Caroline Hennigar has been selected as the incoming COO, while Catalina Abbey will take over as interim CFO.
The executive departures come as Silvia launches a company-wide expense reduction program designed to save more than $10 million annually.
Previously known as ProCap Financial (BRR), the business emerged during the 2025 boom in Bitcoin treasury companies before changing its name and shifting its focus toward agentic finance this year.
Silvia has also been reducing its Bitcoin exposure while buying back its own shares. Its latest reported Bitcoin balance was below 5,000 BTC, compared with a peak of nearly 5,500 BTC in March.
Citadel and BlackRock CEOs Raise Concerns About AI Investment
Citadel founder and CEO Ken Griffin said the artificial intelligence sector is almost certainly in a bubble, pointing to the difficulty companies face in turning massive spending into meaningful productivity gains and profits.
Despite those concerns, Griffin expects AI to encourage entrepreneurship and help establish influential businesses that could shape markets for years.
BlackRock CEO Larry Fink warned that a slowdown in data center development could keep computing costs high, fuel inflation and weigh on economic growth. He argued that faster infrastructure expansion would help bring costs down as demand for AI services continues to grow.
Fink also pointed to rising U.S. Treasury yields as evidence of mounting investor concerns about the country’s fiscal deficit.
Elice Rebounds 30% as Data Center Stocks Recover
South Korean data center company Elice surged 30% overnight, reaching the daily trading limit after its shares plunged 32% following Tuesday’s IPO. Despite the rebound, the stock remained below its initial listing price.
South Korea’s Kospi index gained 3.3%, supported by a broader recovery in technology-related shares.
Super Micro Computer (SMCI) also lifted sentiment after forecasting third-quarter revenue of $18.5 billion to $19.5 billion. The projection significantly exceeded analyst expectations of $15 billion, sending the company’s shares up 12% in premarket trading.
SpaceX’s stronger-than-expected earnings and speculation about a potential merger with Tesla further supported investor confidence.
Other companies operating in the data center and neocloud sectors also advanced before the market opened, including CoreWeave, IREN and Hut 8.
Stock Markets Rise While French Bond Yields Signal Fiscal Strain
Reports of a possible merger between Elon Musk’s SpaceX and Tesla helped push U.S. stock futures higher. Nasdaq 100 futures gained 0.6%, while Europe’s Stoxx 50 advanced 0.9%. Bitcoin recovered to around $83,400 after retreating during the previous session.
France’s government bond market, however, continued to face pressure. The 10-year French OAT yield briefly moved above 5% for the first time since 2022 before slipping to 4.995%, leaving it nearly eight basis points higher on the day.
Germany’s 10-year Bund yield increased by only 2.8 basis points, widening the yield spread between French and German bonds to 158 basis points. That marked the highest level since the European debt crisis in 2011.
Investor concerns center on France’s deteriorating public finances. The country’s budget deficit is projected to reach 5.4% of GDP this year, while national debt has climbed to approximately 119% of GDP.
Persistent political uncertainty could further undermine confidence in French government bonds and increase pressure on policymakers to introduce fiscal reforms.
Bitcoin Could Fall Toward $70,000 if $82,500 Support Breaks
Bitcoin was trading slightly above $82,500 on Wednesday, a level XS.com’s Simon-Peter Massabni considers crucial for the cryptocurrency’s near-term outlook.
U.S. stock futures advanced following SpaceX’s strong earnings, while oil prices climbed above $110 per barrel.
Massabni noted that Bitcoin has become increasingly sensitive to movements in technology stocks. The cryptocurrency fell alongside the Nasdaq last week after stronger-than-expected U.S. inflation data triggered a sell-off in AI and semiconductor shares.
He argued that the stronger correlation challenges Bitcoin’s reputation as an independent safe-haven asset during periods of volatility in traditional financial markets.
A sustained break below $82,500 could give sellers greater control and expose Bitcoin to a potential decline toward $70,000, Massabni warned. That target is also consistent with a bearish scenario outlined by market maker Wintermute and would imply another decline of approximately 15%.
Technology stocks provided some support on Wednesday, with Nasdaq 100 futures rising 0.4% and S&P 500 futures gaining 0.2%.
SpaceX shares climbed 9% in premarket trading after its AI and satellite internet operations helped deliver earnings well above forecasts. Separately, reports suggesting Anthropic could spend $750 billion on computing infrastructure helped ease concerns about the long-term outlook for AI investment.
Meanwhile, Brent crude surpassed $110 per barrel following attacks near the Strait of Hormuz, while Treasury yields edged higher. Investors were also awaiting quarterly results from Meta and Tesla later in the day.
A move back above $84,000 could weaken the immediate bearish outlook and reduce the likelihood of Bitcoin falling toward the $70,000 target.
