AI Stocks Bear Brunt of Market Correction

Renowned trader Doctor Profit has shared his market insights following the current correction in the stock market. On July 30, BlockBeats reported that Doctor Profit decided to take profit on his Bitcoin short position established near $120,000 on July 18, while keeping his stock shorts. This decision is based on his expectation of a broader market decline.

However, he has begun buying BTC and ETH through dollar-cost averaging, indicating a shift in his investment strategy. The current correction is mainly concentrated in the AI sector, with many AI stocks experiencing significant drops. In contrast, BTC remains stable within its range, and ETH shows strong resilience, limiting the S&P 500's impact on BTC.

Doctor Profit's stock short positions include MicroStrategy (-64.8%), a certain exchange (-51.8%), SanDisk (-49.4%), Palantir (-40.6%), Netflix (-34.3%), IBM (-32.2%), Microsoft (-28.2%), and Nvidia (-8.6%), resulting in significant unrealized gains. He plans to gradually close all short positions and take profit over the next few weeks.