CoinDesk
Bitcoin is down 1.5% over the past 24 hours to $75,800, struggling for attention as the AI-driven rally in memory-chip stocks extends into its second day. South Korea's SK Hynix rose 9.3% in Seoul on Wednesday to cross a $1 trillion market cap, one day after Micron Technology surged 21% on a UBS price-target hike that pushed it into the same club. Samsung Electronics joined earlier this month, giving the memory trade three trillion-dollar members in a sector that was largely ignored a year ago.
Why it matters
SK Hynix, just a $70 billion company twelve months ago, is now higher by more than 1,000% on the year. The memory rally is being framed by investors as a multi-year bet: chip shortages and the resulting pricing power are expected to persist into 2028, driven by data-centre buildout for AI workloads. With Micron up another 8% in U.S. premarket and the Nasdaq up 0.9%, the rotation is still accelerating at the open.
Market impact
Analyst James Check captured the mood in crypto this week: "Nobody cares about bitcoin right now … Bitcoin sentiment is in the absolute gutter, and the bears are measurably the most confident they have been in a long time." Capital continues to chase the AI complex while $BTC — despite decent bounces from the early February lows — remains caught in what Check called "anger, annoyance, disappointment." The gap between the haves (memory) and the have-nots (crypto) is widening into a narrative split that traders say will eventually have to close, but nobody is calling the bottom on the laggard side yet.
Frequently asked questions
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Why is Bitcoin falling while memory-chip stocks hit $1 trillion?
Capital is rotating into the AI complex — SK Hynix, Micron, and Samsung have all crossed $1T market cap as investors price memory-chip shortages lasting into 2028. The rotation is drawing attention and capital away from crypto.
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How much is Bitcoin down and where is it trading?
Bitcoin is down 1.5% over 24 hours to $75,800, according to the seed, though BTC has bounced from the early February lows.
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What did analyst James Check say about Bitcoin sentiment?
Check said: 'Nobody cares about bitcoin right now … Bitcoin sentiment is in the absolute gutter, and the bears are measurably the most confident they have been in a long time,' describing the mood as 'anger, annoyance, disappointment.'
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How fast has SK Hynix risen to a $1 trillion valuation?
SK Hynix rose 9.3% in Seoul on Wednesday to top $1T in market value. The stock is up more than 1,000% over the past year — it was a roughly $70 billion company twelve months ago.
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What is the outlook for the memory-chip sector?
Investors expect chip shortages and the resulting pricing power to persist into 2028, driven by AI data-centre buildout. The thesis is that memory demand from AI workloads will outstrip supply for years.
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