From crypto to artificial intelligence, multiple companies still haven’t regained investors’ confidence

Deep Tide TechFlow message: On July 27, Bloomberg reported that the market for crypto-asset reserve concept stocks—once hot—has crashed, prompting a number of companies to pivot to artificial intelligence in an attempt to win back investors’ favor, but so far this strategy has not worked.

Among them, K Wave Media Ltd. was originally a Bitcoin hoarding company before shifting to data center development. Since launching a business restructuring in May, the company’s stock price has fallen 71%. Lixte Biotechnology Holdings Inc. agreed in June to merge with a battery company, and since the deal was announced, its shares have dropped 33%. AlphaTON Capital Corp., which previously held alternative crypto assets, changed its name to Alpha Compute Corp. in April; since the rebranding, its stock price has fallen 33%.

Overall, after crypto-related narratives cooled off, these companies tried to repair market expectations by switching to an artificial intelligence theme, but their stock performance suggests that investors are not giving a positive response to this transition at present.