In recent days, signs of reassessment have emerged.
The Roundhill Memory ETF is down about 25% from its June 22 record high, while the VanEck Semiconductor ETF is down 12%. Bitcoin, which fell below $58,000 on July 1, is trading above $61,000 again.
AI-related selling pressure accelerated Wednesday after Bloomberg reported that Meta Platforms (META) is creating a business unit called Meta Compute, which will sell excess GPU (graphics processing unit) computing capacity to third parties.
The news rattled companies that have benefited from the AI computing boom, particularly “neocloud” providers that lease GPU infrastructure to AI developers. This includes former Bitcoin miners who have repurposed their computing resources to support the emerging industry with high-performance computing (HPC) and GPU hosting services. IREN (IREN), Cipher Digital (CIFR), and TerraWulf (WULF) are each down at least 20% from their all-time highs.
It’s too early to call the move a sustained rotation, but after months of capital flowing into AI infrastructure at the expense of crypto, the recent pullback of semiconductor leaders alongside Bitcoin’s rebound could be the first indication that investors are beginning to rebalance risk toward digital assets.
