Debasement Trade Shifts Focus from AI to Gold and Bitcoin

For over a year, AI investments dominated Wall Street, with Nvidia leading the charge as tech companies planned to spend more than $730 billion on data centers by 2026.

However, last week saw a significant shift in investor sentiment, with $7 billion pouring into gold and Bitcoin ETFs in just five days - the highest inflow ever recorded for that span. SPDR Gold Shares (GLD) and BlackRock's iShares Bitcoin Trust (IBIT) both cracked the top 10 most traded funds.

According to Eric Balchunas, Bloomberg's senior ETF analyst, 'Gold and Bitcoin ETFs have combined for +$7b in flows in past week, by far a record for a 5-day period as debasement trade steals spotlight from AI.'