After leading the market trends in 2026, stocks linked to AI memory and semiconductors are experiencing a downturn, prompting speculation about a potential investment shift back to bitcoin.
By James Van Straten|Edited by Sheldon Reback Jul 3, 2026, 10:41 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Memory, Semiconductors and bitcoin (TradingView)SummaryShow- In 2026, Sandisk saw a surge of over 530%, while Micron's shares increased by more than 230%, reflecting strong demand in the AI sector.
- However, the Roundhill Memory ETF (DRAM) has dropped 25% since its peak in June, and the VanEck Semiconductor ETF (SMH) is down about 12%.
- As AI stocks faced declines following Meta's announcement of selling excess GPU capacity, bitcoin has rebounded from a two-year low, indicating a possible change in investor sentiment.
This year, memory and semiconductor stocks have been the major winners, closely tied to the AI boom, overshadowing much of the cryptocurrency market as investors flocked to this emerging sector.
The current situation raises the question of whether this trend is reversing, as the leading AI stocks start to falter and bitcoin BTC$61,899.04 recovers from its lowest point in nearly two years.
Examining exchange-traded funds (ETFs), the Roundhill Memory ETF (DRAM) more than doubled in the first half of the year, and the VanEck Semiconductor ETF (SMH) rose by 60%. These ETFs are heavily influenced by the demand for computing resources necessary for AI. In contrast, BlackRock's iShares Bitcoin Trust (IBIT), the largest bitcoin ETF, has seen a 30% decline, mirroring bitcoin's own downturn.
Key players in this AI surge include companies like Sandisk (SNDK), which produces NAND flash memory for a variety of applications, including AI servers. Sandisk's stock has increased by over 530% this year.
Micron Technology (MU), a leading manufacturer of DRAM and high-bandwidth memory (HBM) chips essential for AI infrastructure, has also experienced a rise of over 230%.
Recently, there have been indications of a potential market reevaluation.
The Roundhill Memory ETF has experienced a 25% drop from its peak on June 22, while the VanEck Semiconductor ETF is down approximately 12%. Bitcoin, which fell below $58,000 on July 1, has since recovered to a price above $61,000.
The selling pressure on AI stocks intensified after Bloomberg reported that Meta Platforms (META) is establishing a new division called Meta Compute, aimed at selling surplus GPU computing capacity to other companies.
This news unsettled firms that have thrived during the AI computing boom, especially "neocloud" providers that lease GPU resources to AI developers, including former bitcoin miners who have shifted their focus to high-performance computing (HPC) and GPU hosting services. Companies such as IREN (IREN), Cipher Digital (CIFR), and TerraWulf (WULF) have all seen stock declines of at least 20% from their peak values.
While it remains premature to declare a definitive market shift, the recent downturn in semiconductor stocks alongside bitcoin's recovery may signal that investors are starting to redistribute their risk back towards digital assets after a prolonged focus on AI infrastructure.
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