Key Takeaways
- • Galaxy (GLXY) CEO Mike Novogratz said AI-generated wealth is supporting high-end consumer spending, citing New York Knicks NBA Finals tickets priced at about $75,000 for seats near the court, according to remarks on the All Things Market podcast with Anthony Scarmucci.
- • Novogratz said crypto has lost investor attention as capital flows toward AI-related firms, stating "Nobody cares about crypto right now."
- • Galaxy is developing a 1.6-gigawatt data-center campus in West Texas, described as the largest single-campus data center in the United States, which is about half leased and could be fully committed by July 4 or by the end of the summer.
- • Novogratz said the data-center business now accounts for more than half of Galaxy's value, with more than 1,000 construction workers on site and about 2,500 expected at peak.
- • ARK Invest's Cathie Wood pointed to quantum-computing risks and possible selling pressure from Strategy's Michael Saylor as factors clouding Bitcoin's near-term outlook, with BTC trading at $62,513 after a decline of more than 15% over the past week.
Summary
Galaxy CEO Mike Novogratz argued that the US economy has become a "tale of two cities," with AI-generated wealth driving spending among affluent consumers while interest in crypto fades. In remarks on the All Things Market podcast with Anthony Scarmucci, he cited soaring prices for New York Knicks NBA Finals tickets, which he said ranged from about $75,000 for seats near the court to several thousand dollars for upper-level seats, as evidence of a growing pool of consumers with "a lot of disposable income" tied to gains from AI-related companies and investments.
Novogratz said the AI revolution is creating substantial new wealth, pointing to firms including Anthropic and SpaceX (SPCX), which he said would produce "a zillion new millionaire(s), and centi millionaires." He contrasted this with waning attention to digital assets, arguing that capital is increasingly flowing toward AI rather than crypto.
On Galaxy's business, Novogratz said the company is developing "the largest single-campus data center in the United States," a 1.6-gigawatt facility in West Texas that is about half leased and could be fully committed by July 4 or by the end of the summer. He said the data-center business now accounts for more than half of Galaxy's value, with more than 1,000 construction workers currently on site and roughly 2,500 expected at peak construction. The project continues a shift that began in early 2025, when Galaxy started repurposing its Helios campus in West Texas from Bitcoin mining to high-performance computing (HPC) and AI workloads.
ARK Invest CEO Cathie Wood, speaking on Friday, said Bitcoin's near-term outlook has become less clear, citing quantum-computing risks and potential selling pressure from Strategy's (MSTR) Michael Saylor. Wood also said some on-chain indicators suggest bearishness toward Bitcoin has reached extreme levels and that falling gold prices could push the Bitcoin-to-gold ratio higher. Bitcoin traded at $62,513, up over 2% in the prior 24 hours, after falling more than 15% over the past week. GLXY shares were down over 1% in after-hours trading, according to the report, while retail sentiment on Stocktwits remained bullish for GLXY and extremely bearish for BTC.
Novogratz said the AI revolution is creating substantial new wealth, pointing to firms including Anthropic and SpaceX (SPCX), which he said would produce "a zillion new millionaire(s), and centi millionaires." He contrasted this with waning attention to digital assets, arguing that capital is increasingly flowing toward AI rather than crypto.
On Galaxy's business, Novogratz said the company is developing "the largest single-campus data center in the United States," a 1.6-gigawatt facility in West Texas that is about half leased and could be fully committed by July 4 or by the end of the summer. He said the data-center business now accounts for more than half of Galaxy's value, with more than 1,000 construction workers currently on site and roughly 2,500 expected at peak construction. The project continues a shift that began in early 2025, when Galaxy started repurposing its Helios campus in West Texas from Bitcoin mining to high-performance computing (HPC) and AI workloads.
ARK Invest CEO Cathie Wood, speaking on Friday, said Bitcoin's near-term outlook has become less clear, citing quantum-computing risks and potential selling pressure from Strategy's (MSTR) Michael Saylor. Wood also said some on-chain indicators suggest bearishness toward Bitcoin has reached extreme levels and that falling gold prices could push the Bitcoin-to-gold ratio higher. Bitcoin traded at $62,513, up over 2% in the prior 24 hours, after falling more than 15% over the past week. GLXY shares were down over 1% in after-hours trading, according to the report, while retail sentiment on Stocktwits remained bullish for GLXY and extremely bearish for BTC.
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