In recent days there have been signs of a reassessment.
The Roundhill Memory ETF has fallen about 25% from its June 22 all-time high, while the VanEck Semiconductor ETF has fallen 12%. Bitcoin, which fell below $58,000 on July 1, is trading above $61,000 again.
AI-related selling pressure accelerated on 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 shook companies that have benefited from the AI computing boom, particularly “neocloud” providers that rent GPU infrastructure to AI developers. That includes former bitcoin miners who have pivoted their computing resources to supporting the emerging industry with high-performance computing (HPC) and GPU hosting services. IREN (IREN), Cipher Digital (CIFR), and TerraWulf (WULF) have each fallen 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 cryptocurrencies, the recent pullback from semiconductor leaders coupled with bitcoin’s rally could be the first sign that investors are beginning to rebalance risk toward digital assets.
