What's next as hot money cycle has gone from crypto to gold to AI to memory
CoinDesk
Capital has migrated from cryptocurrency and gold to AI and memory stocks, signaling a shift in momentum-driven market cycles.Summary
The market has experienced a distinct rotation of capital as speculative interest moves away from cryptocurrency and gold toward the semiconductor and memory sectors. Bitcoin surged significantly before peaking in late 2025, followed by gold's rally driven by debasement concerns, and NVIDIA's rise within the AI sector. Currently, companies like Micron Technology have seen exponential growth, capturing investor attention as the new dominant momentum trade. Looking ahead, potential high-profile IPOs from firms like SpaceX, OpenAI, and Anthropic may draw further capital, potentially leaving cryptocurrency sidelined for an extended period.
(Source：CoinDesk)