U.S. stocks hit new highs frequently! Funds are chasing AI stocks, but cryptocurrencies are losing their charm

All four major U.S. stock indexes closed higher yesterday (6/17). The S&P 500 Index and the Nasdaq Index continued to hit new closing highs. Large technology stocks drove the U.S. stock market to continue to rise. But the cryptocurrency did not rise accordingly. In the absence of hype and capital inflows, Bitcoin and Ethereum fell by 1.07% and 3.9% respectively yesterday.

Technology stocks continue to support market trends

Apple's stock price continued last week's gains. The company announced new AI features last week, and its stock price frequently hit new highs, as the market expects AI to drive a new wave of demand for replacement phones.

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The stock prices of Broadcom (code AVGO) and TSMC ADR rose 5.41% and 2.74% respectively yesterday. Broadcom's AI chips helped its second-quarter revenue soar, and it has continued to surge to new highs recently. The company also announced a 1-for-10 stock split plan. According to supply chain sources , TSMC plans to increase prices, with the 3-nanometer process increasing by more than 5% and advanced packaging increasing by 10-20%. TSMC's 3-nanometer supply is in short supply, and its seven major customers, including Apple and NVIDIA, have full production capacity, and orders are expected to be full until 2026. TSMC also rose nearly 3% at the opening today, reaching a record high of 950 yuan.

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However, the stock price of Nvidia, a leader in AI chips, fell from its historical high, falling 0.66%.

Funds are chasing AI, and cryptocurrencies are losing their charm

Bloomberg ETF analyst Eric Balchunas advanced the listing date of the Ethereum spot ETF to July 2 over the weekend because the issuer has received a response from the SEC stating that everything is in progress!

However, after ETH briefly recovered after the news, it showed a downward trend. Last week, the U.S. Spot Bitcoin ETF ended four consecutive weeks of net inflows, with $580 million in outflows.

Youwei Yang , chief economist at BIT Mining, also believes that the stock market now treats every artificial intelligence news as bullish, and cryptocurrencies have lost their charm given the resulting FOMO.