Structural changes can create lasting opportunities, but the explosive rebound of semiconductors, precious metals and bitcoin shows how the strong narrative quickly turns into speculation.
Market volatility and structural trends
The boom in AI infrastructure has led to extraordinary valuations for memory chip companies, but the ensuing sharp retreat also illustrates the impact of the market cycle. Similar reversals are reflected in precious metals and Strategy, which proves that real long-term trends are not immune to market cycle fluctuations.
Investment by super-large cloud service providers
For example, super-sized cloud service providers such as Amazon and Google are investing heavily in data centres, which contain thousands of AI accelerators. These systems require large high-bandwidth memory and NAND flash, resulting in supply constraints and higher chip prices. Microron Technology produces memory products such as DRAM and NAND, while Sandysk focuses on NAND flash and solid storage. The price of luminous light rose by about 700 per cent in comparison to the same year, and the flashy rose by more than 400 per cent, but then fell from the peak, showing a rapid reversal of enthusiasm.
The fall of the precious metal market
Precious metals follow a similar pattern. Because of the belief in a “depreciated trade”, gold and silver have accelerated, arguing that government borrowing, currency creation and inflation will erode the legal currency. In January 2026, silver rose by more than $120, but then retreated by 50 per cent, while gold experienced a more moderate return.
In conclusion, structural trends can be real, but their valuation remains cyclical.