As the prices of artificial intelligence (AI) stocks have swollen over the past two years, so, too, have crypto valuations. During the current slump, more than $1 trillion has been wiped off the combined $3.2 trillion crypto market. Yet Trump’s hopes of a rapid reduction in rates from the Fed have not come to pass and, given the edginess around AI, crypto has nosedived. “I would expect if there were to be a general setback in US speculative stocks, crypto would mirror this move, rather than being any type of haven,” says Sommerville. “We like the overall markets but we are wary of the AI stocks,” he says.