Paradigm shifts vs bubbles: AI chips and bitcoin show powerful trends can still produce severe corrections
Structural change can create lasting opportunities, but explosive rallies in semiconductors, metals and bitcoin show how quickly strong narratives can become speculative excess.
Source: CoinDesk
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DW NOTE
Micron rose 700% and Sandisk rose 4,000% on AI infrastructure demand, then both retreated from their peaks. The move was real — hyperscalers are buying thousands of accelerators that require high-bandwidth memory — but a genuine structural shift does not prevent markets from pricing it incorrectly along the way.