With just minutes to go before the market opens, the premarket has already split into two camps.
The chip stocks are in demand: AMD is up around 7% premarket, Micron is up more than 5%, CRWV has climbed another 12% after earnings, and the Nasdaq ETF is up more than 1%.
Nobody wants the crypto stocks. $MSTR is down 3.5% premarket, $COIN is down more than 2%, and Circle is down 3%. BTC is still stuck at 73,500, nearly $2,000 below Strategy’s average purchase price.
Just a couple of days ago, they were all part of the same beta trade getting sold off. Today, it’s clear that money is selectively coming back—first into AI hardware, while crypto hasn’t joined in.
My take is pretty simple: concerns about AI capex have eased a bit, and the first place money is going is chips with earnings to back them up. Crypto will have to wait until ETF outflows stop before it gets a turn. If chip stocks rise all day tonight while BTC stays put, then the correlation between the two is really starting to loosen.
#美股 #比特币 #MSTR $BTC
The chip stocks are in demand: AMD is up around 7% premarket, Micron is up more than 5%, CRWV has climbed another 12% after earnings, and the Nasdaq ETF is up more than 1%.
Nobody wants the crypto stocks. $MSTR is down 3.5% premarket, $COIN is down more than 2%, and Circle is down 3%. BTC is still stuck at 73,500, nearly $2,000 below Strategy’s average purchase price.
Just a couple of days ago, they were all part of the same beta trade getting sold off. Today, it’s clear that money is selectively coming back—first into AI hardware, while crypto hasn’t joined in.
My take is pretty simple: concerns about AI capex have eased a bit, and the first place money is going is chips with earnings to back them up. Crypto will have to wait until ETF outflows stop before it gets a turn. If chip stocks rise all day tonight while BTC stays put, then the correlation between the two is really starting to loosen.
#美股 #比特币 #MSTR $BTC