US Stocks Hit New Highs! Funds Flock to AI Stocks, Cryptocurrencies Lose Appeal

The four major U.S. stock indexes all closed higher on 6/17, with the S&P 500 and Nasdaq indexes hitting new record highs, driven by large-cap tech stocks. However, cryptocurrency did not follow the upward trend. In the absence of speculative topics 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 its upward trend from last week as the company announced new AI features, pushing its stock to new highs amid market expectations of AI driving a new wave of device upgrades.

AI Boosts Apple Stock to Record Highs as Battle with Nvidia Involves Billions in Rebalancing Selling Pressure

Broadcom, with the code AVGO, and Taiwan Semiconductor ADR saw their stock prices rise by 5.41% and 2.74% respectively yesterday. Broadcom's AI chips helped boost its second-quarter revenue, leading to continuous surges and setting new highs, with the company also announcing a 1-for-10 stock split plan. According to supply chainreports, Taiwan Semiconductor plans to raise prices, with a more than 5% increase for its 3-nanometer process and a 10-20% increase for advanced packaging. The demand for Taiwan Semiconductor's 3-nanometer chips exceeds supply, with seven major customers including Apple and Nvidia fully booked until 2026. Taiwan Semiconductor also surged nearly 3% at the opening today, reaching a historical high of 950 yuan.

Nvidia, the leader in AI chips, saw its stock price fall by 0.66% from its historical high.

Funds Flock to AI, Cryptocurrencies Lose Appeal

Bloomberg ETF analyst Eric Balchunas moved up the listing date of Ethereum spot ETF to July 2nd over the weekend as the issuer received feedback from the SEC, indicating that everything is in progress!

However, after the news, ETH briefly rebounded but then showed a downward trend. Last week, the U.S. spot Bitcoin ETF saw four consecutive weeks of outflows, with $580 million in funds leaving.

Chief Economist of BIT Mining, Youwei Yang, also believes that the stock market now views every AI news as positive, leading to FOMO, and as a result, cryptocurrencies have lost their appeal.