Bitcoin has begun to recover as companies tied to AI infrastructure come under pressure. Memory manufacturers, semiconductor companies, and providers of computing power have all been hit.
According to CoinDesk analysts, this market action may point to the early stages of a shift in market sentiment.
The biggest declines were seen among companies that provide computing power for AI development, including former Bitcoin miners IREN, Cipher Digital, and TerraWulf. The sell-off intensified after Bloomberg reported that Meta Platforms plans to sell its excess GPU computing capacity.
During the first half of the year, cryptocurrencies significantly underperformed companies linked to artificial intelligence. While memory and semiconductor manufacturers continued to hit new highs, the largest spot Bitcoin ETF, IBIT, lost about 30%.
According to analysts, it is still too early to call this a trend reversal. However, the AI sector’s advantage, which has persisted over the past several months, no longer looks as clear-cut.