What's next as hot money cycle has gone from crypto to gold to AI to memory

As bitcoin and gold momentum fades, investor flows are increasingly rotating into AI infrastructure, semiconductor and memory-related equities. What to know : Bitcoin surged more than 650% between November 2022 and October 2025 before entering a prolonged bear market. Gold’s rally peaked months after bitcoin, climbing from $2,000 to above $5,200 per ounce before correcting nearly 20%. Memory chip exposure lately has supplanted AI names like Nvidia as the hot-money target, while upcoming IPOs from SpaceX, OpenAI and Anthropic could become the next major magnet for speculative capital.(Coindesk)