Bitcoin under pressure as SK Hynix, Micron join $1 trillion club

Bitcoin remains under pressure as surging AI-related demand propels memory chip makers SK Hynix and Micron Technology past the $1 trillion market capitalization milestone, diverting investor attention and capital away from cryptocurrencies.

Micron shares soared 21% on Tuesday and added another 8% in premarket trading Wednesday after UBS issued a massive price target hike, pushing the company's valuation above $1 trillion. South Korea's SK Hynix followed, rising 9.3% in Seoul to also top the $1 trillion mark, with its shares up more than 1,000% over the past year. Samsung Electronics had crossed the threshold earlier this month. The memory chip sector is a key beneficiary of the AI boom, with investors betting on chip shortages and pricing power extending into 2028.

For crypto traders, the rally in AI-related equities represents a competing risk-on narrative that siphons liquidity from digital assets. Bitcoin has struggled to regain momentum as capital flows favor traditional tech stocks. Traders can monitor Bitcoin's price action and market dynamics on NowPrice's live crypto dashboard to track any shifts in sentiment. The tech-heavy Nasdaq rose 0.9% in premarket trading, underscoring the divergence between crypto and equities.

Looking ahead, the key question is whether Bitcoin can reclaim its correlation with risk assets or if the AI trade will continue to dominate. Traders should watch for any signs of rotation back into crypto, particularly if chip stocks show signs of overheating. The upcoming U.S. jobs data and Federal Reserve commentary will also be critical in determining the broader risk appetite.