At the same time, capital is exiting the "safe-haven narrative" while flooding into the "AI growth narrative."

📉 Price performance has already diverged in sync

● GLD (Gold ETF) approximately -13%

● IBIT (Bitcoin ETF) approximately -12%

● SOXX / SMH Semiconductor ETFs approximately +81% / +60%

Same market, different directions, completely two separate structures.

🧠 The core change is not the assets, but the narrative

Past:

Gold = inflation hedge

Bitcoin = digital safe haven

Now:

AI + Semiconductors = growth driver + future productivity

Capital is no longer pursuing "preservation of value," but rather "room for imagination."

🔁 Capital behavior is starting to self-reinforce

Strong trend → capital inflow → stronger

Weak trend → capital outflow → weaker

Gold and Bitcoin enter a phase of passive pressure, while semiconductors enter an accelerated capital absorption cycle.

⚠ But extreme divergence never lasts forever

When the gains and crowding of a single narrative are pushed to the extreme, capital structure typically rebalances.

📌 Essential conclusion

This round is not a simple shift between ups and downs; rather, the market is using the AI narrative to reprice the priority of all assets.

❓ The question is:

Is this a long-term capital absorption cycle driven by the AI narrative, or a phase