Open Source · SpaceX · China · Samsung · Semiconductor · CoinDesk
AI trade drops steam as infrastructure boom confronts reality check
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The AI trade, which incorporates semiconductors and memory stocks, is showing signs of fatigue as investors reassess whether the extraordinary spending boom on chips and data centers can be sustained.
Key facts
- Stablecoin market cap fell to $312B in June, its largest monthly drop since TerraUSD, while tokenized equity volumes surged 145% to a record $3.86B
- Semiconductor and memory stocks such as Micron Technology (MU) and Sandisk (SNDK) came under heavy pressure on Tuesday, after Samsung Electronics (005930) reported record second-quarter earnings
- Meanwhile, rival SK Hynix is down 25% from its all-time high ahead of its U.S. listing this week, a deal that is also drawing investor capital away from existing chip stocks
- The shift comes weeks after SpaceX's blockbuster IPO and amid elevated valuations across AI-related stocks
Summary
Samsung delivered record quarterly profit, yet shares fell nearly 7%, while SK Hynix also declined ahead of its U.S. listing, signaling that expectations for AI chipmakers may have become too optimistic. At the same time, China's Zhipu is pursuing custom AI chips to support its fast-growing open-source models, reinforcing the view that more efficient AI and lower-cost infrastructure could challenge the dominance of US frontier models. Meanwhile, rival SK Hynix is down 25% from its all-time high ahead of its U.S. listing this week, a deal that is also drawing investor capital away from existing chip stocks.