Bitcoin’s growing divergence from technology stocks is raising concern as AI spending continues to accelerate, according to Quinn Thompson.
Quinn Thompson, CIO at Lekker Capital, says Bitcoin is still flashing warning signals, and his fund remains bearish on crypto heading into the summer.
He cites several structural pressures, including ongoing issues in digital asset treasury (DAT) strategies, uncertainty around Strategy’s STRC preferred stock, and continued concerns that future quantum computing advances could undermine Bitcoin’s security framework.
Alongside weaker liquidity conditions and sustained selling pressure, these factors have contributed to one of the widest gaps in recent history between Bitcoin and technology equities, with crypto underperforming even as the tech sector remains broadly strong.
Thompson also warns that a potential wave of large IPOs—including SpaceX, Anthropic, and OpenAI—could draw significant investor capital, tightening liquidity across risk assets.
He points to the underperformance of the Magnificent Seven versus the broader Nasdaq as a key signal. In strong bull markets, leadership is usually led by the largest companies, but recent gains have instead been driven by semiconductor and AI supply-chain stocks rather than the hyperscalers that originally led the rally.
According to Thompson, those hyperscalers are facing growing strain from heavy AI-related capital expenditures, which are pressuring free cash flow, increasing leverage, and limiting share buybacks.
At the same time, scaling back spending could weaken the semiconductor and AI infrastructure trade that has supported broader tech-market strength.
He concludes that rising IPO supply will increasingly compete for investor capital and attention, creating a more challenging outlook for both AI leaders and the wider market.
