The firm still views bitcoin as undervalued relative to equities, but says investors are rotating into AI stocks as the opportunity cost of missing gains by holding BTC is too high.

Bitcoin slid to multi-week lows as ETF outflows topped $2.8B. We asked 13 AI models where BTC closes 2026, answers range from $50K to $145K.

Google overnight set an $80 billion capital raise, including $10 billion from Berkshire Hathaway, reflecting the continuing flood of money headed into AI (and not crypto).