How I’ve seen these past 12 months is as a rotation of hot money through different sectors. It started with Bitcoin, which had momentum from front-running Trump’s election win from Nov. 24, and peaked in July 2025. Then Bitcoin faced its own internal issues, Oct. 10, the four-year cycle narrative, quantum concerns. From there, money rotated into metals, driven by the debasement trade narrative. Then it moved into AI, NVIDIA and related names. Now we’re seeing the same rotation into semis. Each sector has had its own paradigm shift and narrative driving the move.(James Van Straten)