Cryptocurrencies continued their rise despite the decline in artificial intelligence stocks

There were no fears in cryptocurrencies and the new week did not start with declines. In fact, Bitcoin, which started at 77 thousand dollars in the morning hours, rose above 78 thousand dollars and gained value, unlike many artificial intelligence stocks.

Why was the decline expected?

As it is known, on Saturday, Dario Amodei, CEO of the Anthropic company behind the Claude language model, stated that artificial intelligence developments are progressing very quickly and that the brakes must be put on here or some dangers may occur for humanity. OpenAi CEO Sam Altman and SpaceX CEO Elon Musk, behind Grok, also supported Amodei. All these events created the expectation that investments in artificial intelligence would also slow down, and the fear of a downward movement in the new week emerged.

In fact, there were fears in this sense. Many technology and artificial intelligence stocks started the new week with declines. South Korea-based SK Hynix closed the day with a 6% decrease. In pre-session transactions, US companies Sandisk and Intel also fell by approximately 5%. The QQQ index, which tracks the Nasdaq 100, also fell by 1.5%, while Nebius lost 7% in value.

However, it did not go unnoticed that bitcoin still remained strong in this environment and reached 78 thousand dollars from 77 thousand dollars.

Burry reacted

2008 legend Michael Burry, who occasionally expresses his opinions about the crypto world and financial markets, also said that he did not find the call of Amodei and others convincing. In his last blog post, Burry stated that companies could not find a new growth story, that there was inflation in pricing due to too much investment, and that they made such a claim to find a reason for the declines:

"Big language models are not AI, and they will not become AGI. The race is going too fast. This reduces the profits of the big players. As IPOs approach, these companies need a new story. They say, 'We are so good, we need to slow down.' They don't want to show real growth slowing down."