The global financial landscape shifted significantly this Thursday as record-breaking capital expenditure forecasts in Artificial Intelligence, a vertical collapse in silver prices, and critical gas infrastructure maintenance in the North Sea converged. As European markets open, capital is rotating rapidly out of high-growth tech into defensive liquidity.
1. The Tech Reality Check: Alphabet’s $185B Bet
The technology sector is facing a profound “valuation reset.”
Editorial Perspectives
- The Trigger: While Alphabet (Google) reported solid earnings, its projected 2026 capital expenditure (CapEx) between $175 billion and $185 billion startled investors.
- The Reaction: Markets are now scrutinizing the immediate ROI on AI infrastructure. This caused a ripple effect through Asian markets, with Samsung (-4%) and SK Hynix (-6.8%) leading the decline.
- The Outlook: Growth-at-any-cost is being replaced by a demand for margin preservation.
2. Energy: North Sea Infrastructure Bottlenecks
While Brent crude has dipped below $69, Natural Gas (NATGAS) is gaining for the third consecutive session due to a tightened maintenance schedule:
- Bacton (Perenco): Export capacity reduced by 2.8 mcm/d through February 7.
- Fluxys: Unplanned maintenance is expected to restrict UK import capacity until 2028.
- Central Banks: These supply constraints coincide with interest rate decisions from the ECB and the Bank of England, both expected to hold rates steady today.
3. The Liquidation of Metals and Crypto
A sharp “risk-off” move has hit both traditional hedges and speculative assets:
- Silver: A dramatic 10% collapse, erasing recent gains to trade at $78.80.
- Gold: Trading lower at $4,917 as the US Dollar gains strength.
- Bitcoin: Down 2.1%, testing the psychological support level of $70,800.
4. European Perspective: Rates and Resilience
The European session is dominated by corporate earnings and macro-uncertainty:
- Shell: Reported a Q4 profit of $3.3 billion, slightly missing analyst expectations.
- BNP Paribas: Outperformed forecasts, pledging further cost reductions to protect dividends.
- Portugal: Investors are monitoring the 10-year yield (steady at 3.10%) while the country manages significant flood-related insurance costs, estimated at €500 million.
5. Emerging Market Stability: The Brazilian Buffer
Brazil enters the global session as a point of relative stability:
- Trade Balance: A projected $4.90 billion surplus for January serves as a stabilizer for the Real (BRL) against Euro and Dollar volatility.
Market Snapshot (08:30 GMT)
| Asset | Price | Change | Sentiment |
| Bitcoin | $70,805 | -2.06% | Bearish |
| Silver | $78.80 | -10.0% | Collapse |
| Brent Crude | $68.11 | -1.94% | Bearish |
| NATGAS | — | +2.00% | Bullish |
| EUR/USD | 1.18 | -0.06% | Stable |
| 10Y Portugal Yield | 3.10% | 0.00 | Firm |
