In recent days there have been signs of a reassessment.
The Roundhill Memory ETF is down about 25% from its June 22 high, while the VanEck Semiconductor ETF is down 12%. Bitcoin, which fell below $58,000 on July 1, is once again trading above $61,000.
AI-related selling pressure accelerated Wednesday after Bloomberg reported that Meta Platforms ( META ) is creating a business unit called Meta Compute that 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. That includes former bitcoin miners who have pivoted their computing resources to support the emerging industry of 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 pouring into AI infrastructure at the expense of crypto, the recent pullback in semiconductors along with bitcoin’s rebound could be the first indication that investors are starting to rebalance risk back toward digital assets.
