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

The article explains that “hot money” has rotated across asset cycles — from crypto to gold to AI — and is now concentrating in memory and semiconductor equities. Bitcoin and gold have lost momentum (bitcoin peaked in Oct 2025; gold peaked Feb 2026), while investors have shifted flows into chip and memory names, with Micron’s valuation jumping dramatically. AI infrastructure (NVIDIA) remains important but has ceded the hottest spot to memory-related plays. Upcoming mega-IPOs (SpaceX, OpenAI, Anthropic) could again reallocate speculative capital. Market impact: diminished capital and sentiment for crypto/gold, renewed concentration and potential valuation pressure in semiconductors/memory, and risk of a further rotation if large tech IPOs attract momentum flows.