AI’s $800 billion spending boom is becoming Bitcoin’s Fed problem

For the better part of two years, Wall Street has treated AI as the most bullish trade on the board, a growth engine that turbocharges earnings, underwrites stretched valuations, and promises a productivity windfall somewhere down the road.

However, the Fed has access to the same numbers and seems to be more inclined to treat the AI build-out as a fresh source of demand in a market that's still…