Bitcoin rebounds above $61,000 as AI-driven memory and semiconductor stocks lose momentum
By
James Van Straten
Summary
Bitcoin has bounced back above $61,000 after dipping below $58,000, as AI-related memory and semiconductor stocks show signs of cooling. The Roundhill Memory ETF has fallen ~25% from its June 22 high, and the VanEck Semiconductor ETF dropped 12%. The sell-off accelerated after Meta Platforms announced a new business unit, Meta Compute, to sell excess GPU computing capacity to third parties, rattling companies that benefited from the AI boom. The article raises the question of whether capital rotating out of AI stocks could flow back into bitcoin.
Source
bskyBitcoin rebounds above $61,000 as AI-driven memory and semiconductor stocks lose momentumcoindesk.comKey quotes
· 3 pulledThe 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 (graphic processing unit) computing capacity to third parties.
The Roundhill Memory ETF has fallen roughly 25% from its June 22 record high, while VanEck Semiconductor ETF has dropped 12%.
Bitcoin, which dipped below $58,000 on July 1, is back trading above $61,000.
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