Décrypter le cycle des capitaux spéculatifs : des cryptos à l'or, jusqu'aux semi-conducteurs

Markets are cyclical. That's one of the few statements about price behavior that's hard to dispute. But the speed and shape of the current rotation between major asset classes are unusual enough to warrant close attention. Market analyst James Van Straten describes a striking sequence: bitcoin climbing from roughly fifteen thousand dollars to over one hundred twenty-six thousand between late 2022 and late 2025, gold delivering a delayed but parallel move from two thousand to more than five thousand dollars an ounce by early 2026, and then capital shifting sharply toward AI infrastructure and memory-chip stocks.

The speed of the current rotation

The numbers behind this latest phase are extreme. Memory-chip producer Micron went from a valuation of seventy billion dollars about a year ago to a market capitalization above one trillion dollars. NVIDIA reached new highs near two hundred twenty-five dollars per share. These aren't gradual revaluations — they're the kind of vertical moves that historically mark the late stages of a thematic mania, even when the underlying fundamentals are real.

What makes the current cycle particularly interesting is its compression. In previous decades, the rotation between major themes — commodities, internet stocks, real estate, emerging markets — took years. The crypto-gold-AI-memory rotation played out over roughly thirty months. Faster information flow, larger pools of mobile capital, and the rise of platforms like Vive Renduance that let retail traders move between asset classes in seconds have all contributed to this compression. The result is a market that produces narrative-driven peaks more frequently and resolves them more violently.

What comes after memory chips

Van Straten suggests that the next stage of speculative capital could shift toward a wave of mega-IPOs, with SpaceX, OpenAI, and other private-market giants positioned for what could be record public offerings. If this trajectory holds, the capital that was chasing memory-chip volatility could be redirected toward newly listed AI-linked stocks, potentially leaving crypto assets and chips undervalued in the short term.