Jul 22, 2026 commentary
Hyperscaler CapEx Strength Lifts Miners as the Clarity Ethics Fight Narrows
₿ Conviction
A larger-than-expected capital-spending raise from Google gave the mining cohort a fresh demand signal, directly contradicting fears that improving AI model efficiency is about to slow infrastructure buildout — while the release of the Clarity Act’s full text sharpened the fight over its ethics provisions without changing the base case for eventual passage.