Quinn Thompson from Lekker Capital expresses concerns regarding Bitcoin's divergence from tech stocks amid rising AI investments.
By James Van Straten|Edited by Stephen Alpher Jun 9, 2026, 2:53 p.m. 2 min readMake preferred onKey Insights:
- Quinn Thompson, CIO of Lekker Capital, notes that Bitcoin is facing pressure from issues related to digital asset treasury (DAT), Strategy's preferred shares STRC, and concerns over quantum computing, leading to significant divergence from tech stocks.
- Thompson is also pessimistic about the tech sector, highlighting a decline in leadership from the Magnificent Seven (Mag 7), rising debt among hyperscalers, decreasing free cash flow from AI-related capital expenditures, and a surge in IPO supply.
Quinn Thompson, the Chief Investment Officer at Lekker Capital, indicates that Bitcoin continues to exhibit troubling signs as his firm adopts a bearish stance on the cryptocurrency in the lead-up to summer.
Thompson asserts that Bitcoin faces an array of structural challenges, such as ongoing DAT issues, uncertainties surrounding Strategy's STRC preferred shares, and fears about the impact of quantum computing on Bitcoin's security framework.
These challenges, compounded by reduced liquidity and substantial selling pressure, have resulted in one of the most notable divergences between Bitcoin and tech stocks that has been seen in recent years, with Bitcoin lagging significantly despite the tech sector's overall strength.
Thompson's concerns extend beyond the cryptocurrency market, as he believes that a forthcoming wave of major IPOs (including SpaceX, Anthropic, and OpenAI) could draw trillions of dollars from investors, creating a liquidity challenge.
He points out that the underperformance of the Mag 7 relative to the broader Nasdaq is particularly telling. Typically, in thriving bull markets, leaders lead the way, but currently, many gains in the index are attributed to semiconductor and AI supply chain stocks rather than the hyperscalers that initially fueled the rally.
The situation is becoming increasingly difficult for hyperscalers, according to Thompson. Significant capital expenditures related to AI are straining free cash flow, pushing debt levels higher, and limiting share buybacks.
However, reducing expenditures could jeopardize the semiconductor and AI infrastructure trade that has bolstered the overall tech sector.
Thompson concludes that the rise in IPO supply is likely to compete for capital and investor focus, presenting a challenging outlook for both AI leaders and the broader market.
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Key Points:
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- ETF outflows reached $2.6 billion this year, which Bernstein considers modest given the dominance of AI in the markets.
- A more varied investor base, including ETFs, corporates, wealth platforms, and institutions, has...