Long-term megatrends, such as the rapid development of AI infrastructure and sustained demand for Bitcoin, create a powerful foundation for asset growth. However, as practice shows, even the strongest trends cannot negate the cyclical nature of market valuations. The explosive growth in demand from tech giants — Amazon, Google, and SpaceX — only underscores this pattern.
History knows many examples where euphoria gives way to sobering reality. Thus, at the peak of the frenzy around the semiconductor industry, Micron Technology shares soared by 700% in a year, Sandisk by more than 4,000%, and SK Hynix managed to raise an impressive $26.5 billion through a U.S. listing. However, an inevitable correction followed: the stocks of these companies significantly retreated from their highs.
A similar picture is observed in the crypto sphere. Take, for instance, Strategy — the largest corporate holder of Bitcoin. After reaching an all-time high, its shares lost about 80% of their value, and the premium to the value of Bitcoin reserves shrank almost to the NAV level. Even precious metals, traditionally considered a safe-haven asset, did not escape this fate: silver, after a confident rise in January 2026, subsequently declined by nearly 50%.
Analytical conclusion: The market, like nature, abhors a vacuum — every period of exponential growth is followed by a phase of consolidation or correction. For investors, especially in such volatile sectors as AI chips and cryptocurrencies, it is vital to account for this cyclical nature and diversify risks, rather than chase short-term returns.