Bitcoin Overtakes Tech Giants in Market Value Amid AI Chip Stock Crash

Bitcoin's market capitalization surpassed that of tech giants Samsung Electronics and Micron Technology on Thursday, reaching as high as $61,500. This milestone was achieved as crypto prices rose, while artificial intelligence memory chip stocks plummeted.

Samsung's shares dropped 9.1% in South Korean trading, reducing its market capitalization to approximately $1.22 trillion, narrowly below Bitcoin's valuation of around $1.23 trillion.

SK Hynix and Micron also suffered significant losses, with SK Hynix's shares plummeting 14.6% and Micron's falling 5.5%. The memory chipmakers' valuations dropped to about $1.01 trillion and $1.12 trillion respectively.

The decline in AI chip stocks can be attributed to reports that Meta Platforms was considering selling excess computing capacity through a new cloud business, raising concerns that major tech companies may have built more AI infrastructure than they currently require.