Big Tech’s AI spending boom is carrying an ever-larger share of the US growth story. So far in 2026, investments tied to the AI build-out have been responsible for roughly one-fifth of US economic growth.

This year alone, the four leading “hyperscalers” — Alphabet (GOOG, GOOGL), Amazon (AMZN), Meta (META), and Microsoft (MSFT) — are expected to spend roughly $800 billion in capital expenditures, or 10 times their spend in 2019, only seven years ago, per Goldman Sachs.

Sustaining that investment, however, will require an equally historic expansion in the cash generated by the companies footing the bill, says Apollo chief economist Torsten Sløk. (Disclosure: Yahoo is a portfolio company of funds managed by affiliates of Apollo Global Management.)

Over the past year, the financing for the AI spending race has come increasingly from the debt market, where the hyperscalers are expected to issue $250 billion in global investment-grade debt by the end of 2026.

Pushing the hyperscalers toward the debt market is a shortage of cash. While these companies have long been known as cash juggernauts, the intense spending requirements of AI infrastructure have pushed Big Tech toward increasingly tighter cash flow. In July, Alphabet reported its first quarter of negative free cash flow since going public as Google in 2004.

Allowing this to happen, argues Sløk, are expectations that the companies that have been deploying cash are set to begin making it back in spades. Consensus estimates on Wall Street now expect operating cash flow to grow from $600 billion in 2025 to roughly $2 trillion in 2030 — more than tripling within five years, per data compiled by Apollo Global.

If that cash flow doesn’t emerge, Sløk wrote to clients, the economics underpinning the dominant driver of the US stock market could quickly shift.

“If this doesn’t happen, then the risk is that the AI trade weakens, with credit spreads widening, capex plans getting cut and ultimately US GDP growth slowing,” Sløk wrote to clients.

The concentration risk of the US market’s reliance on the AI trade played out on Monday. Spurred by gains in hyperscaler Meta and semiconductor leaders Arm and Intel, the Nasdaq Composite index surged by 2.3% to close at an all-time high, while the S&P 500 gained 1.5%.

Yet under the hood, the breadth of that strength was highly concentrated. Thirty S&P 500 stocks touched 52-week lows on Monday, versus only seven that reached a 52-week high — a sharp divergence beneath the index rally.

Outlook for AI capex is strong, Morgan Stanley analysts led by chief equity strategist Michael Wilson wrote to clients on Monday. The analysts cite robust demand for compute, AI adopters seeing evidence of the benefits of their spending, rising computer lease rates, and the potential for “material benefits to human welfare.”

All of that, as well, can be a tailwind for operating cash flow of the hyperscalers, as customers — especially in the enterprise space — spend more money. The health of the AI economic ecosystem, Sløk said, relies on it.

“At the moment, what’s driving the US economy is AI,” Sløk said. “Yes, the scale here is still tilted towards more growth, but there are some headwinds that are beginning to emerge when it comes to a sharper risk of a slowdown in the economy, especially as we get into 2027. “

Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him at jake.conley@yahooinc.com.

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Raiffeisen Bank International (RBI), an Austrian banking group with operations across Central and Eastern Europe, is expanding its cryptocurrency push through a group-wide partnership with Bitpanda.

Bitpanda Enterprise will provide the digital asset infrastructure that RBI’s network banks can use to introduce crypto services, potentially reaching about 18 million customers, according to a joint announcement on Wednesday. Individual banks will determine their offerings and rollout based on local market and regulatory requirements, the companies said.

RBI CEO Michael Höllerer said the bank is seeing growing demand for crypto assets across its markets and is addressing it with Bitpanda.

“As a customer-centric bank, we are committed to meeting our customers’ needs in the best possible way,” he said.

A spokesperson for Bitpanda told Cointelegraph that the rollout remains at an early stage and will proceed gradually based on local market and regulatory requirements, with further details to come as individual markets are confirmed.

The partnership builds on a crypto integration launched with Austria’s Raiffeisenlandesbank Niederösterreich-Wien in 2024.

Bitpanda, which is authorized under the European Union’s Markets in Crypto-Assets Regulation (MiCA), told Cointelegraph it is regularly in discussions with banks and financial institutions exploring crypto brokerage services but declined to comment on active or confidential talks.

Related: Banks double on EU MiCA crypto provider list as share hits 23%

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Reliance on China

Fierce competition

The economic slowdown has only pushed companies in China to compete even more fiercely with each other, and their foreign rivals.

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The American Chamber of Commerce in Shanghai said this month that three-quarters of members responding to a survey saw Chinese rivals as more advanced, and that the perceived gap in product quality narrowed by 6 percentage points from last year.

For the first time since 2022, domestic competition has surpassed geopolitical tensions as the top challenge for members, the chamber said.

Artificial intelligence could be one of the biggest drivers for digital asset adoption as autonomous agents begin buying services, moving money and sourcing computing power, according to a BlackRock paper.

The asset manager argues that AI provides “machine-native intelligence” while digital assets provide the payment and settlement infrastructure agents may need to act on their decisions. An agent carrying out a task could, for example, pay for a data request, book a service or purchase computing capacity without waiting for a person to to complete.

Stablecoins are likely to be the first major beneficiary. Their relatively stable value makes them useful for pricing services, while blockchain networks can support payments around the clock. BlackRock highlights Coinbase x402 protocol as one emerging way agents to pay for online resources, including API calls. It also acknowledges that existing payments networks are adapting to agentic commerce.

BlackRock has argued that broad AI adoption may become a largely overlooked driver of demand for digital assets—particularly through machine-to-machine payments and tokenized infrastructure. In a new research paper, the asset manager links the growth of AI “agents” to the need for 24/7, programmable settlement systems, and it points to stablecoins and other on-chain instruments as likely beneficiaries.

The report, titled “The Machine-Native Economy,” also raises the possibility that AI could expand crypto beyond payments by creating a market for tokenized claims on compute resources—assets that could be traded, used as collateral, or automatically purchased as AI systems request additional capacity.

Key takeaways

• BlackRock frames AI and machine-to-machine payments as a “structural catalyst” for digital asset adoption.
• The paper argues stablecoins are particularly suited for high-frequency, low-value transactions between autonomous systems.
• It suggests compute markets could emerge where tokenized claims on processing capacity are transferred, pledged, or traded.
• BlackRock positions digital assets as potential infrastructure for an increasingly autonomous “digital economy,” an angle aimed at institutional investors.

Why AI could change the demand for payment rails

BlackRock’s core premise is that agentic AI—where software acts on behalf of users and other systems—will intensify the need for payment mechanisms designed for automation. While existing payment infrastructure can support some forms of automation, the report argues that critical steps such as account setup, credentialing, authorization, and the economics of very small transactions can still require human involvement.

In addition, the paper highlights that settlement finality and speed can differ across providers, which may not align neatly with the requirements of machine-to-machine commerce that runs continuously. Against that backdrop, BlackRock says digital assets and tokenized instruments may better fit the operational realities of autonomous transactions.

The authors specifically describe stablecoins, native cryptocurrencies, and tokenized real-world assets as suitable for machine-to-machine payments that are high-frequency and sub-cent, occurring around the clock. They add that multiple digital assets could support “agentic commerce,” but that stablecoins are likely to lead transactional usage.

Tokenizing compute capacity as a new crypto market

The research goes further than payments by identifying an opportunity in the compute sector. BlackRock describes compute as the processing power required to train and run AI systems, and it argues that as AI demand surges, companies may look for ways to control costs and manage risk with clearer access to resources.

In BlackRock’s model, claims on compute capacity could be represented as tokens. Those tokens could then be transferred, pledged as collateral, or traded—creating a potential market that broadens participation from institutional investors. The paper also claims AI agents could use such markets to automatically acquire resources as needed, aligning procurement with system demand in real time.

By emphasizing how tokenized claims could connect AI-driven resource needs with programmable settlement, BlackRock effectively reframes parts of the compute economy as a candidate for on-chain financial infrastructure.

Institutional spotlight on a long-running crypto thesis

BlackRock’s argument echoes a theme long promoted within parts of the crypto industry: AI will not only increase the volume of transactions, but also create a need for financial rails that can operate without constant human oversight. BlackRock’s contribution is the institutional framing—using research intended for a mainstream investor audience to advance the idea that digital assets could become part of the underlying mechanics of an increasingly autonomous economy.

This perspective also aligns with public comments from crypto leaders. In July, Coinbase CEO Brian Armstrong pushed back on calls for the industry to “pivot” toward AI, arguing instead that AI agents could drive demand for crypto-based financial services. Earlier coverage noted his view that AI being a megatrend does not diminish crypto’s relevance; he argued that agents would need programmable money rather than traditional banking rails.

Armstrong’s point appears consistent with BlackRock’s emphasis on machine-native settlement and automation. Where BlackRock speaks in terms of infrastructure and institutional participation, Armstrong focuses on the practical requirement for programmable payment capabilities in agent-driven systems.

Tools already emerging for automated agent payments

While BlackRock’s paper is forward-looking, it is not made in a vacuum. The input highlights that some crypto and payments firms are already building tooling aimed at enabling AI agents to transact automatically. For instance, the article notes Coinbase’s x402 protocol and Tempo’s Machine Payments Protocol, both designed to let AI agents automatically pay for online services.

It also references Circle’s introduction of agent wallets and USDC payment tools and OKX’s Agent Payments Protocol, which is described as supporting recurring payments and escrow-style arrangements where funds are released after a task’s completion.

These examples matter for investors and builders because they suggest at least some demand signals are being converted into product development. BlackRock’s research provides a macro rationale for why that direction could scale as AI agents become more common and transaction patterns become more autonomous and continuous.

For now, the big question is how quickly tokenized payment rails and compute-claim markets move from concept to real usage at scale. Readers should watch whether stablecoin-based payment workflows for autonomous agents expand beyond pilots, and whether any compute-market tokenization proposals gain traction—because that would be the clearest test of BlackRock’s “compute as a new opportunity” thesis.

Crypto industry groups are pivoting quickly after the U.S. Senate failed to advance the Digital Asset Market Clarity (CLARITY) Act last week, treating the near miss as a political test run ahead of the 2026 midterm elections. With only limited time in the current congressional calendar before the next session, backers now face an uphill fight to secure another vote before broader legislative timelines shift.

On Sept. 15, senators voted 49 in favor and 50 against advancing the bill, a close procedural defeat that underscores how difficult it may be to build momentum. The outcome is already shaping how major crypto-aligned political action committees (PACs) and advocacy groups plan to direct resources during the 42 days leading up to the 2026 midterms.

Key takeaways

• The Senate’s Sept. 15 vote on moving CLARITY forward ended 49-50, sharply narrowing prospects for passage before 2027.
• Fairshake—backed by Coinbase and Ripple Labs—has announced plans to spend $30 million opposing former Ohio Sen. Sherrod Brown in the state’s 2026 Senate race.
• Industry groups argue the roll call provides a clearer map of which lawmakers may be targeted or supported in future elections.
• As of Monday, some major crypto-aligned PACs had not yet disclosed post-vote spending with the Federal Election Commission.

What the failed Senate vote changed for crypto politics

The Senate’s failure to advance CLARITY did more than delay a market-structure proposal—it effectively delivered a high-signal voting record for the crypto sector to use in election strategy. Legal and policy stakeholders said the roll call distinguishes long-term supporters from opponents, creating an immediate link between legislative behavior and political backing.

Steve Gannon, a partner at Davis Wright Tremaine, told Cointelegraph that the procedural vote “provided the industry with a very clear picture of who are long-term reliable supporters and who are not.” He added that it would be difficult for those who voted against the bill to argue that the industry should still financially support them in the midterms.

Fairshake escalates: $30 million aimed at Sherrod Brown

While some crypto advocates have indicated the CLARITY Act could return for consideration during a later window—such as a lame-duck session—at least one major PAC is acting as if time is short. Fairshake, an industry political group backed by Coinbase and Ripple Labs, said it plans to spend $30 million opposing Sherrod Brown in Ohio’s 2026 Senate race.

Brown previously chaired the Senate Banking Committee when Democrats held the majority. The prospect of his return has alarmed crypto backers because of his historically skeptical posture toward digital assets and related policy proposals.

In earlier election activity, Brown ultimately lost his 2024 reelection bid to Republican Bernie Moreno after Fairshake spent about $41 million opposing the Democrat. Cointelegraph also reported that Fairshake spent more than $130 million on ads during the 2024 election cycle—offering a preview of the scale and intensity it may apply if lawmakers who blocked CLARITY emerge as midterm targets.

Cointelegraph requested comment from Brown’s campaign and did not receive an immediate response.

Advocacy groups plan “consequences” based on votes

Beyond PAC spending announcements, crypto-aligned advocacy organizations are framing the CLARITY outcome as a signal that lawmakers could face election repercussions. Stand With Crypto, an initiative launched by Coinbase in 2023, warned lawmakers who failed to advance the CLARITY Act that they may face “consequences” in the 2026 midterms based on how they voted.

The group positions its political work around voter engagement and public accountability, arguing that election-year pressure can shift incentives for lawmakers who treat crypto market-structure legislation as low priority. Stand With Crypto executive director Mason Lynaugh said: “The results of [the CLARITY Act] vote make it clear which officials are with our community, and which are against us — and we’ll make sure our advocates are ready to cast their ballots accordingly in this and future elections.”

That framing matters because it suggests the impact of the Senate vote may extend beyond federal PAC contributions. It also implies an ongoing campaign around political messaging tied directly to specific legislative votes, rather than broad support for the industry.

Early indicators from FEC filings after the CLARITY vote

Public disclosures are beginning to show how quickly crypto-aligned groups are moving after last week’s Senate action—at least among some committees. According to Cointelegraph, as of Monday, Fairshake and its affiliate PACs Defend American Jobs and Protect Progress had not disclosed expenditures to the Federal Election Commission (FEC) following the CLARITY vote.

Similarly, FEC filing data cited by Cointelegraph showed no post-CLARITY spending by Fellowship, another crypto-aligned PAC funded by Cantor Fitzgerald and Anchorage Digital, or by the Digital Freedom Fund, a group backed by Gemini co-founders Tyler and Cameron Winklevoss.

Those gaps in immediate reporting do not necessarily mean groups are inactive; FEC reporting can lag real-time decisions, and committees may still be in the planning or ad-production phase. But the absence of new disclosures right after the vote offers a limited, observable snapshot of what has—or has not—entered the public record so far.

What to watch next

The next phase for crypto policy will likely hinge on whether CLARITY can reappear on a legislative calendar before 2027 and how quickly PACs and advocacy groups convert voting records into midterm targeting. Readers should watch for subsequent FEC disclosures, additional major race spending announcements, and any indications that lawmakers who voted against the bill are preparing a path to re-engage with market-structure legislation.