Bitcoin traded near $65,400 during Friday morning hours in Asia, showing limited movement even as major U.S. technology stocks suffered a sharp sell-off tied to concerns over artificial-intelligence spending.

The largest cryptocurrency was down less than 1% on the day and remained up 3% for the week. The muted move contrasted with a steep decline in the Magnificent Seven, the group of megacap technology stocks that has led U.S. equities over the past three years.

The Magnificent Seven fell 4.8% on Thursday and lost about $797 billion in market value, according to Bloomberg, marking the group’s worst day since the tariff-driven selloff of April 2025. The decline pulled the S&P 500 down 1.2% and the Nasdaq 100 down 1.9%. It also left the group 11% below its late-May record, erasing $2 trillion in value.

Crypto markets were broadly lower, but the declines were modest compared with the move in equities. Ether fell 3% to $1,879, while dogecoin led losses among major tokens, dropping 5% on the day to $0.069 and 4% for the week. XRP declined 2% to $1.11, Solana lost 3% to $76, and Hyperliquid’s HYPE traded at $58, down 4% over seven sessions.

The pressure in technology shares followed renewed scrutiny of AI-related capital spending. Alphabet raised its capital expenditure forecast to as much as $205 billion for this year. Tesla chief executive Elon Musk described 2026 as “a massive capex year” as the company reported profits that were well below expectations.

Both updates were released after Wednesday’s close and reinforced a concern that had been building for weeks: that large technology companies are committing hundreds of billions of dollars to AI infrastructure at a pace that profits may not yet justify. Because the largest technology stocks carry heavy weight in major U.S. equity indexes, their drawdowns can quickly become a broader test of risk appetite across markets.

That concern has also influenced crypto markets throughout the month. Bitcoin has often moved in line with chip stocks, rising when semiconductor shares advanced and falling when they weakened. In that pattern, bitcoin has traded less on crypto-specific factors and more as a proxy for the AI capital spending cycle.

Friday’s relative stability raised the question of whether bitcoin is beginning to decouple from the AI-linked equity trade, though that remains unproven. The session could represent a single-day divergence rather than a durable shift, and traders will need more than one session to determine whether the relationship has weakened.

The connection between bitcoin and AI spending may also remain relevant through mining companies. Bitcoin miners have increasingly repositioned themselves as AI data-center operators, meaning a sustained pullback in AI spending could eventually affect that part of the crypto industry. The relationship may simply take longer to show up during downturns than it does during rallies.

Still, after a month in which crypto markets took much of their direction from semiconductors and the broader AI trade, a day in which AI-linked technology shares broke lower while bitcoin held near $65,000 offered an early sign that the two trades may not be as tightly linked as the recent rally suggested.