The growth of artificial intelligence infrastructure and the increasing demand for bitcoin are long-term megatrends, but asset valuations remain subject to cyclical fluctuations. Vivid examples of this include the boom in the AI chip sector, high demand from giants such as Amazon, Google, and SpaceX, as well as the dynamics of the precious metals market and the behavior of Strategy, the largest corporate holder of bitcoin.
The AI Boom Effect: Rise and Fall
The hype around artificial intelligence has led to phenomenal rallies. For instance, Micron Technology's shares soared by 700% over the year, Sandisk by more than 4000%, and South Korea's SK Hynix raised $26.5 billion through a U.S. listing. However, after reaching their peaks, these stocks underwent a significant correction. This clearly demonstrates that even the strongest fundamental trends do not guarantee linear growth.
Bitcoin, Strategy, and Precious Metals
Strategy, known for its aggressive bitcoin accumulation strategy, lost about 80% of its value after its all-time high. The premium of its shares over the value of its bitcoin reserves has shrunk almost to net asset value (NAV). At the same time, silver, which showed strong growth in January 2026, then collapsed by nearly 50%. These examples confirm that overheated markets, whether cryptocurrencies, AI stocks, or commodities, inevitably face corrections.
My analysis: The market teaches us the same lesson: euphoria gives way to disappointment. Investors chasing "growth stories" often forget about cycles. The current situation is a classic example of how strong narratives (AI, bitcoin) create bubbles that then burst, returning assets to fair valuations. The key to success lies not in chasing the trend, but in the ability to wait for corrections.