Bitcoin Holds Firm as Tech Stocks Tumble on AI Safety Worries
Bitcoin held steady at around $76,800 on September 14 despite a decline in Asian tech stocks due to AI safety concerns. SoftBank Group shares plummeted by 13%, while OpenAI pushed back its highly anticipated initial public offering (IPO). The selloff was triggered by top AI industry leaders calling for a slowdown in development.
The concern over AI safety led Dario Amodei, CEO of Anthropic, and Sam Altman, co-founder of OpenAI, to publicly advocate for a more measured approach to AI advancement. This has raised questions about timelines, regulatory risk, and the sustainability of the sector's rapid growth.
SoftBank, which has heavily invested in AI through its Vision Fund portfolio, saw significant losses alongside other semiconductor and AI-heavy equities. Energy stocks tied to AI data center buildouts also declined by 7-10%. Despite this turmoil, Bitcoin remained relatively stable, having repeatedly shown resilience during previous episodes that affected these sectors.
Earlier in the year, Bitcoin experienced a 30% bounce from its June lows of $58,000 to $60,000. This recovery occurred as institutional allocators reduced their exposure to Bitcoin to invest more heavily in AI stocks. If this rotation reverses due to continued soursing of AI bets, it could provide a significant boost for BTC in the fourth quarter.