South Korean data center company Elice surged 30% after its shares suffered a similar decline following its IPO the previous day.
Bitcoin Advances Toward $84,000 as U.S. Stocks Gain
SpaceX shares climbed 10% and Tesla advanced 4%, helping the Nasdaq rise 0.7% during the first 30 minutes of Wednesday’s trading session.
However, declines in major technology stocks limited the index’s gains. Netflix slipped 3% following its earnings announcement, while Google shares fell 2%.
U.S. Treasury yields dropped approximately three basis points across maturities, even as European bond yields moved higher.
Bitcoin continued its recovery, gaining 2.5% over the past 24 hours to trade near $83,750, bringing the cryptocurrency closer to the $84,000 level.
Silvia Announces Executive Departures Alongside Cost-Cutting Measures
Silvia (SVIA), the company associated with Anthony Pompliano, announced the upcoming departures of COO Megan Pacchia, CFO Renae Cormier and Chief Legal Officer Kyle Wood.
Caroline Hennigar will become the company’s new chief operating officer, while Catalina Abbey will serve as interim chief financial officer.
The management changes coincide with a company-wide cost-reduction strategy expected to generate more than $10 million in annual savings.
The business previously operated as ProCap Financial (BRR), emerging during the 2025 surge in Bitcoin treasury companies. It adopted the Silvia name this year and shifted its focus toward agentic finance.
The company has also been selling Bitcoin while repurchasing its own shares. Its latest reported Bitcoin reserves had fallen below 5,000 BTC, compared with nearly 5,500 BTC at their peak in March.
Citadel and BlackRock Executives Warn About Risks in the AI Boom
Citadel CEO Ken Griffin expressed concern that artificial intelligence stocks may be caught in a bubble, noting that many companies are struggling to translate substantial AI investments into higher productivity and stronger profits.
Nevertheless, Griffin expects AI to encourage entrepreneurship and create successful companies that could become long-term market leaders.
BlackRock CEO Larry Fink warned that slower data center construction could keep computing costs elevated, increase inflationary pressure and threaten economic expansion. He argued that accelerating infrastructure development would help reduce costs as demand for AI computing continues to grow.
Fink also pointed to rising Treasury yields as a sign that investors are becoming increasingly concerned about the U.S. government’s growing fiscal deficit.
Elice Rebounds 30% as Data Center Shares Recover
South Korean data center operator Elice rose 30% overnight, hitting the daily trading limit after plunging 32% following its IPO on Tuesday. Despite the rebound, its shares remained below their initial offering price.
South Korea’s Kospi index gained 3.3% as technology stocks recovered.
Super Micro Computer (SMCI) contributed to the improved sentiment after projecting third-quarter revenue between $18.5 billion and $19.5 billion, well above the $15 billion expected by analysts. Its shares climbed 12% in premarket trading.
Strong earnings from SpaceX and reports of a potential merger with Tesla also helped support technology stocks.
Other data center and neocloud companies, including CoreWeave, IREN and Hut 8, recorded gains before the U.S. market opened.
Global Equities Rise as French Government Debt Faces Pressure
Speculation about a possible SpaceX-Tesla merger boosted U.S. equity futures, with Nasdaq 100 futures rising 0.6%. Europe’s Stoxx 50 index also advanced 0.9%, while Bitcoin recovered to approximately $83,400 after falling during the previous session.
France’s bond market remained under pressure. The 10-year French government bond yield briefly crossed 5% for the first time since 2022 before easing to 4.995%, leaving it nearly eight basis points higher on the day.
Germany’s 10-year government bond yield increased by just 2.8 basis points, pushing the yield gap between French and German bonds to 158 basis points. This was the widest spread since the European debt crisis in 2011.
Growing concerns about France’s public finances have weighed on investor confidence. The country’s fiscal deficit is projected to reach 5.4% of GDP this year, while its national debt has risen to approximately 119% of GDP.
Continued political instability could further unsettle bond investors and increase pressure on the government to introduce fiscal reforms.
Bitcoin Faces $70,000 Risk if Critical $82,500 Support Breaks
Bitcoin remained just above $82,500 on Wednesday, with XS.com’s Simon-Peter Massabni identifying that price as a key support level.
The cryptocurrency received some support from rising stock futures following SpaceX’s strong earnings, although oil prices climbed above $110 per barrel.
Massabni said Bitcoin’s relationship with technology stocks has become more pronounced. Last week, BTC declined alongside the Nasdaq after hotter-than-expected U.S. inflation figures triggered a sell-off in AI and semiconductor stocks.
According to the analyst, the growing correlation raises questions about Bitcoin’s ability to function as an independent safe-haven asset when traditional financial markets experience volatility.
Massabni warned that a decisive and sustained move below $82,500 could strengthen bearish momentum and expose Bitcoin to a decline toward $70,000. Market maker Wintermute has outlined a similar downside scenario, which would represent a further drop of around 15%.
Meanwhile, technology stocks provided some relief, with Nasdaq 100 futures rising 0.4% and S&P 500 futures gaining 0.2%.
SpaceX shares advanced 9% in premarket trading after its AI and satellite internet businesses helped deliver earnings that exceeded expectations. Reports that Anthropic could spend $750 billion on computing capacity also helped ease concerns about the sustainability of AI-related investment.
At the same time, Brent crude rose above $110 per barrel following attacks near the Strait of Hormuz, while Treasury yields edged higher. Investors were also preparing for earnings reports from Meta and Tesla later Wednesday.
A sustained recovery above $84,000 could weaken the immediate bearish outlook and reduce the likelihood of Bitcoin moving toward the $70,000 downside target.
