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U.S. equities staged a powerful recovery in April and early May, as a U.S.-Iran ceasefire, strong Q1 earnings, and renewed AI infrastructure enthusiasm drove a sharp rally led by semiconductors and large-cap technology.
Bitcoin recovered +11.8% m/m on a spot-led rally even as hashrate set its longest sustained drawdown. US public miners are pivoting to AI; sovereign miners are the natural successors.
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