Equity markets are entering a key macro week following weaker‑than‑expected Q3 2026 earnings and rising costs in the artificial‑intelligence sector. Amazon reported negative free cash flow of $42.4 billion, raising concerns about the returns on its AI investments.
Apple and Palantir are scheduled to report earnings on Monday, November 2, while Bloomberg estimates AI spending could more than double to roughly $330 billion in fiscal year 2027, suggesting longer‑term pressure on equity valuations.
Macro‑hedge narrative resurfaces
The Kobeissi Letter highlighted ten data points to watch in October’s jobs and inflation reports, noting that the U.S. midterm elections add further uncertainty. The Nasdaq fell 6.8 % in October, and a wave of earnings reports could shift market flows, bringing attention back to Bitcoin as a potential macro hedge.
Comparative fund flows
In October, the largest U.S. physical gold‑backed ETF, GLD, recorded $1.8 billion in outflows, its biggest monthly withdrawal since June, and is on track for its first annual outflow since 2023 after a year‑to‑date loss of $3.8 billion. Investors also withdrew $1.5 billion from gold and precious‑metals funds that week, marking a second weekly outflow in seven weeks.
By contrast, Bitcoin ETFs experienced a net outflow of $515 million in October, roughly one‑third of the amount withdrawn from GLD.
Performance backdrop
In 2024, Bitcoin outperformed gold, gaining 121 % versus gold’s 27 % increase, driven by institutional demand and the launch of spot Bitcoin ETFs.
Outlook
With AI‑related spending pressures and equity market uncertainty, investors may reassess traditional safe havens, potentially strengthening Bitcoin’s role as a macro hedge.
