Memory And Semiconductor Stocks Cool As Bitcoin Rebounds, Signaling Possible Shift

Memory and semiconductor stocks, this year’s standout performers tied to AI demand, are showing signs of losing steam just as bitcoin recovers from near two-year lows.

The Roundhill Memory ETF has fallen about 25% from its June 22 peak, while the VanEck Semiconductor ETF has dropped 12%. Bitcoin, which briefly fell below $58,000 on July 1, has since climbed back above $61,000.

Year’s Biggest Winners Now Losing Momentum

Sandisk shares have surged more than 530% in 2026 on strong demand for NAND flash memory used in AI servers and devices, while Micron Technology has gained over 230% as a major producer of DRAM and high-bandwidth memory chips. By comparison, BlackRock’s iShares Bitcoin Trust has fallen about 30% this year, tracking bitcoin’s decline.

Meta’s Compute Plans Add To Selling Pressure

The recent pullback accelerated after reports that Meta Platforms is building a new unit, Meta Compute, to sell excess GPU capacity to outside customers. The news weighed heavily on companies benefiting from the AI infrastructure boom, including former bitcoin miners that pivoted toward high-performance computing and GPU hosting. IREN, Cipher Digital and TerraWulf have each dropped at least 20% from their record highs.

Too Early To Call It A Full Rotation

While it remains uncertain whether this marks a lasting shift, the simultaneous cooling of AI-linked stocks and bitcoin’s rebound suggest investors may be beginning to rebalance risk back toward digital assets after months of capital favoring AI infrastructure.