Paradigm Shifts vs Bubbles: AI Chips and Bitcoin Show Powerful Trends Can Still Produce Severe Corrections

Explosive rallies tied to “paradigm shift” narratives in AI semiconductors, precious metals and bitcoin have seen sharp reversals, underscoring that structural trends can be real even as valuations swing with market cycles. According to CoinDesk, Micron Technology (MU) rose roughly 700% year over year and Sandisk (SNDK) gained more than 4,000% before retreating; SK Hynix (00060) raised $26.5 billion in a record U.S. foreign listing and its ADRs later turned volatile, with shares down 15% in Asia hours. Silver rose more than $120 in January 2026 before falling as much as 50%, while Strategy (MSTR) has dropped about 80% from its peak as its premium to bitcoin holdings contracted toward net asset value.