Winklevoss Sees End of 'AI Trade', Rotates Capital into Bitcoin and Zcash

Cameron Winklevoss, co-founder of Gemini, believes that the 'AI Trade' cycle has ended and is urging investors to rotate their capital into Bitcoin and Zcash. This comes as technology stocks face a sharp correction, led by concerns over semiconductor valuations and China's growing artificial intelligence capabilities.

The Kospi index in South Korea dropped 10.84% following reports of new competition from China's memory sector and domestic firms advancing in semiconductor manufacturing tools. Major chip companies like Samsung Electronics and SK Hynix recorded significant losses, further exacerbating the situation.

Winklevoss points out that a ton of capital is looking for a safe home and suggests that Bitcoin and Zcash are good options due to their decentralized nature and privacy features. However, it's worth noting that both assets experienced declines during the broader market pressure, casting doubt on the rotation thesis.