COLUMN – AI craze leaves crypto for dust: McGeever

Bitcoin is undeniably having a great year, but is losing momentum just when it might have been expected to go up a gear. Its traditionally strong and positive correlation with technology stocks, in particular the “mega tech” and growth stocks that have exploded higher in recent weeks, has completely broken down. Bitcoin’s rolling 30-day correlation with the Nasdaq last week flipped to its most negative in six months, and its correlation with the NYSE FANG+TM index of mega tech and growth equity plunged to its most negative in nearly four years.

The recent burst of investor optimism that the boom in artificial intelligence (AI), ChatGPT software and advanced microchip technology will be transformational for economies is driving the surge in Big Tech.