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Key Takeaways
- Duquesne no longer reported Intel and Micron and disclosed four new mining positions.
- Duquesne also expanded other technology positions.
- Jane Street and UBS reported larger Bitcoin ETF positions.
- Tudor added IBIT shares but retained options exposure.
- The evidence does not establish a broad rotation out of AI.
Institutional filings offer only partial evidence
Recent filings show professional investors adding exposure to Bitcoin-related assets, but determining whether that money came out of artificial intelligence requires examining both sides of their portfolios.
The rotation theory has nevertheless gained attention. Arthur Hayes has argued that AI has absorbed capital that might otherwise have reached Bitcoin and Ether. Michael Saylor has described the same pressure as a temporary “suction effect,” suggesting that some money could return as AI investments mature and investors redeploy gains. These arguments support the possibility of an Read Entire Article
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