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Google has quietly imposed usage caps on Meta's access to its Gemini AI models since around March due to surging demand overwhelming its computational infrastructure, according to a Financial Times report. The limits, which remain in place, have disrupted and delayed several of Meta's internal AI projects, forcing the social media giant to ration AI usage and improve efficiency. This reflects a broader industry-wide shortage of AI inference capacity, as companies deploy more chatbots and AI agents. Google CEO Sundar Pichai acknowledged compute constraints are limiting cloud revenue growth. In response, Google recently signed a $920 million monthly compute leasing deal with SpaceX to expand capacity. The restrictions have accelerated Meta's shift toward its own AI models, such as Muse Spark, to reduce dependence on external providers like Google. While other Google clients also face limits, Meta's vast scale made it particularly affected. The situation highlights how the AI infrastructure bottleneck has shifted from model training to inference, requiring massive new capital investments to resolve.

Capital rotation shows no clear signs of leading into a broad altcoin cycle, with altcoins experiencing their worst underperformance against Bitcoin on record. While the total altcoin market cap is up 4% in Q3, 40% of altcoins still trade below all-time highs, indicating liquidity is concentrated in a few high-conviction sectors rather than spreading market-wide. Ethereum has shown relative strength against Bitcoin, with its dominance rising over 4% in Q3, which historically can signal an altcoin cycle. However, major high-cap assets like Ethereum and Solana remain significantly down from their peaks, and on-chain data suggests ETH's move may be more technical than fundamental. Analysts warn investors to be selective, as capital inflows are favoring specific narratives—evidenced by Robinhood Chain's TVL surging over 150% to a record $108 million—while TVL in many major high-cap ecosystems stays low. The cycle appears different, with liquidity flowing selectively and potentially leaving high-cap altcoins under continued pressure.