Hot Money Rotation Accelerates: From Bitcoin to Gold, and Then to AI and Memory Semiconductors

According to Odaily, as the momentum of Bitcoin and gold slows, investor funds are rapidly rotating into AI infrastructure, storage, and semiconductor-related stocks.

Data shows that market attention and capital flows have clearly shifted from cryptocurrencies to high-growth tech sectors. Starting from a low of around $15,000 in November 2022, Bitcoin peaked at approximately $126,000 in October 2025, achieving a cumulative gain of over 650%. Gold followed suit, breaking through $2,000 per ounce in early 2024, rising to a high of $5,200 per ounce in February 2026, before retreating to below $4,400.

AI leader NVIDIA (NVDA) also experienced a correction after a short-term high and is now slightly above its six-month average. The capital wave has clearly shifted towards storage and semiconductor companies such as SanDisk and Micron Technology. Micron's market capitalization surged from $7 billion to $1 trillion within a year, highlighting the strong pursuit of growth sectors by hot money.

Looking ahead, with potential large-scale IPOs from companies like SpaceX, OpenAI, and Anthropic approaching, investor attention may once again turn to emerging tech giants. Historical experience suggests that hot money tends to chase the latest "highlights" in the market, and Bitcoin and crypto assets may be marginalized in the next bull run, potentially for a longer duration than expected. (CoinDesk)