On June 1, 2026, the Nasdaq Composite Index rose 0.42% to a record high of 27,086.81 points. The S&P 500 also closed at a new all-time high of 7,599.96 points. Meanwhile, Bitcoin ended the day at $71,102.6, down 7.71% over the past week and 9.31% over the past 30 days. Despite both being risk-sensitive assets, they moved in sharply opposite directions under the same macro environment.
Since mid-April 2026, when the Nasdaq hit a new high of 24,146 points, this divergence has only widened.
A critical but often overlooked reality is that this divergence isn’t just an abstract market phenomenon. Capital is flowing from one specific sector to another—from the crypto market into three particular US stocks: NVIDIA, Intel, and Broadcom. These companies represent different layers of AI infrastructure and have been the most significant magnets for capital in the first half of 2026. Understanding their price trajectories, revenue structures, and growth expectations is almost synonymous with understanding why the crypto market hasn’t enjoyed the same liquidity premium under similar macro conditions.
Who’s Absorbing the Capital? The Aggressive Rally of Three AI Stocks
NVIDIA: From GPU Supplier to $5.3 Trillion AI Infrastructure Giant
If there’s a central thread in AI stocks, it’s NVIDIA.
On June 1, 2026, NVIDIA officially launched its first AI PC chip, the "N1 X," co-developed with Microsoft at the "GTC Taipei" event. The stock surged 6.26% that day, propelling the Nasdaq to a new high. The following day, NVIDIA’s share price remained steady at $211 per share (adjusted for the stock split).
Financially, NVIDIA is no longer just a "chip manufacturer." Its Q1 fiscal report (ending April 2026) showed quarterly revenue of $81.6 billion, up 85% year-over-year, beating analysts’ forecast of $78.9 billion. In the previous quarter, revenue hit $46.7 billion, net income reached $18.8 billion, and gross margin exceeded 72%. Based on the May 11 closing price of $218.2, NVIDIA’s market cap stood at about $5.29 trillion.
What’s even more notable is the gap between "performance" and "stock price." Since the start of 2026, NVIDIA has gained roughly 22%-28% (depending on entry point), outpacing the Nasdaq and S&P 500. During the April-May rebound, from February 27 to May 19, NVIDIA rose 24%, beating the Nasdaq 100’s 26% and the S&P 500’s 16% over the same period.
NVIDIA is no longer just a "chip company"—it’s more like the sole heavyweight in an AI infrastructure index ETF. When one stock contributes the largest share of Nasdaq’s annual gains and hyperscalers (Microsoft, Google, Meta, Amazon) collectively spend over $200 billion annually on AI infrastructure, Bitcoin isn’t facing competition from a single stock but rather a "capital pipeline"—institutional funds are flowing into both the crypto market and AI stocks simultaneously.
Intel: From the Sidelines to an AI Turnaround Story
If NVIDIA represents the continuation at the top of the AI sector, Intel embodies the power of a comeback.
Intel’s Q1 2026 report showed revenue of $13.58 billion, up 7% year-over-year, beating expectations by more than $1 billion. The stock jumped over 16% on April 24.
The real driver comes from its "Data Center and AI" (DCAI) segment, which saw revenue grow 22% to $5.1 billion—$700 million above analysts’ forecasts. Management revealed that supply chain constraints meant actual potential revenue could be over $1 billion higher, indicating that AI-driven CPU demand is outstripping supply.
By the end of April 2026, Intel’s share price had gained 122% year-to-date, far surpassing previous highs (including the dot-com bubble era). Its market cap is now around $416 billion.
Intel’s turnaround signals a shift: AI infrastructure spending is broadening. As the supply chain expands from "winner-takes-all" (GPU) to CPU, XPU, and custom chips, total AI capital expenditure is still growing rapidly. In other words, AI’s capital inflows haven’t hit a ceiling—the market’s expectations for AI continue to expand, suggesting that crypto market capital hasn’t yet reached a tipping point for reversal.
Broadcom: The Hidden Winner in Custom Chips
If NVIDIA dominates general-purpose AI accelerators and Intel is seeing a CPU revival in inference and coordination, Broadcom represents the "invisible force" of custom AI chips.
Broadcom doesn’t sell "standard GPUs." Instead, it customizes XPU accelerator units for major clients (Google, Meta, OpenAI, and four others).
For Q1 FY2026 (ending January 2026), Broadcom reported total revenue of $19.3 billion, up 29% year-over-year. AI semiconductor revenue more than doubled to $8.4 billion. Adjusted EBITDA (non-GAAP) reached $13.1 billion, with a 68% margin.
Looking ahead, the target for Q2 AI semiconductor revenue is $10.7 billion, meaning AI revenue’s share of total revenue is expected to rise from about 44% to 49%. CEO Hock Tan publicly set a target: $100 billion in annual AI chip revenue by 2027.
These numbers explain why Broadcom’s stock jumped 6% on April 7 after signing a long-term partnership with Alphabet (Google’s parent) and Anthropic, and why Citi named Broadcom its top semiconductor pick for 2026 in May, raising its price target to $500 (up from $475).
Broadcom’s AI spending trend is structurally more stable than NVIDIA’s. Custom chips have longer lifecycles, higher exit costs, and are less affected by external competition. This makes Broadcom and its client ecosystem a "rigid framework" for sustained AI infrastructure spending. From a crypto capital outflow perspective, Broadcom’s growth means that once funds move from crypto to AI infrastructure, exit channels are less frequent than in traditional stock trading.
Combining Intel and Broadcom’s data shows that Bitcoin’s pressure isn’t from a single company’s "unexpected surge," but from multiple capital pipelines simultaneously exerting pull.
Quantifying the Capital Divergence
A simple financial comparison between these three AI stocks and Bitcoin makes the picture even clearer.
| Company/Asset | YTD Performance (approx.) | Most Relevant Segment Quarterly Revenue | Latest Market Cap |
|---|---|---|---|
| NVIDIA | 22%-28% | Data Center segment: $46.7B quarterly revenue | ~$5.29T |
| Intel | 122% | DCAI segment: $5.1B quarterly revenue | ~$416B |
| Broadcom | No precise aggregate (AI segment doubled YoY) | AI semiconductor: $8.4B quarterly revenue | Slightly over $2T |
| Bitcoin | -9.31% (past 30 days) | — | ~$1.42T |
Data sources: NVIDIA, Intel, and Broadcom performance data are from company reports and public market coverage; Bitcoin data is based on Gate market data as of June 1, 2026.
From April to June 2026, Bitcoin didn’t experience any major negative events (no significant hacks, regulatory shutdowns, or systemic black swans), but its appeal in the capital competition clearly declined. Its total market cap (~$1.42 trillion) is now not only below NVIDIA (~$5.29 trillion) and Broadcom (slightly over $2 trillion), but institutional capital has also reassessed its growth rate and valuation flexibility.
When AI Stocks’ Capital Pull Becomes a Systemic Issue
Looking at the combined growth of these three AI stocks, the issue becomes structural.
Each company plays a distinct role in the AI infrastructure investment trend: NVIDIA dominates high-end GPUs, Broadcom focuses on custom XPUs and networking, and Intel’s Xeon CPUs anchor general-purpose computing. Together, they cover the entire 2026 AI capital expenditure chain—from general acceleration to customization, from training to inference, from compute to networking.
According to analysts from Goldman Sachs, Citi, and others, AI infrastructure capital expenditures show no sign of slowing. NVIDIA’s single-quarter revenue of $81.6 billion, Broadcom’s $10.7 billion AI chip target, and Intel’s $5.1 billion DCAI segment revenue all indicate that the AI narrative is translating into real cash flow—not just speculative hype.
For the crypto market, this means that the premise supporting "capital rotation"—the idea that AI’s investment fever might fade at high valuations—hasn’t shown clear signs as of June 2026. In terms of market sentiment, Broadcom and NVIDIA’s guidance has driven the AI sector toward "performance premium" rather than Bitcoin’s "safe haven premium." Crypto narratives like "inflation hedge" and "digital gold" haven’t provided real pricing competitiveness against AI in cross-asset capital reallocations during Q2-Q3 2026.
Allocating AI Stocks with USDT on Gate: A Real-Time Cross-Asset Trading Channel
As crypto market capital is absorbed by AI stocks, a structural trading opportunity is emerging—holding crypto assets while simultaneously allocating to leading US stocks.
On June 1, 2026, Gate officially launched its stock trading service, allowing users to directly use USDT to trade US mainstream securities, including stocks and ETFs, within the platform. This launch coincides with the structural divergence between the crypto market and AI stocks.
Unlike traditional overseas broker models, Gate’s stock trading connects directly to compliant brokers holding US Broker-Dealer licenses and clearing qualifications, providing access to US mainstream securities markets for stock and ETF trading—not on-chain mapped assets or tokenized derivatives. Gate currently supports over 10,000 stocks and ETFs, covering NYSE, Nasdaq, NYSE Arca, NYSE American, BATS, and other major US exchanges and liquidity networks. This means users can trade NVIDIA (NVDA), Intel (INTC), and Broadcom (AVGO)—the AI leaders discussed in this article—directly on the platform.
For users accustomed to crypto trading, Gate’s stock trading process is similar to spot trading. Follow these steps to start trading:
Step 1: Version update & identity verification. Android users should update the Gate App to the latest version; iOS users need to upgrade to version 8.21.5 or above. Complete platform KYC verification and ensure compliance with local access requirements.
Step 2: Enter the stock section. After logging into Gate App, navigate to "TradFi" → "Stocks" to view the list of supported stocks and ETFs.
Step 3: Transfer USDT trading funds. Gate stock trading uses a dedicated stock account. Users can transfer funds from their spot or unified account to the stock account; currently, only USDT is supported for two-way transfers. The system automatically handles real-time conversion between stablecoins and USD, so users don’t need to manage fiat deposits or withdrawals separately.
Step 4: Search and place orders. In the stock section, search for NVDA (NVIDIA), INTC (Intel), or AVGO (Broadcom), confirm the quantity, and submit a market order. Orders are routed through compliant brokers directly to the US securities market, providing market depth and NBBO (National Best Bid and Offer) support from major exchanges like NYSE and Nasdaq. After execution, position and account information are updated in real time, and users can view both stock and crypto holdings in a unified interface.
In terms of holding costs, Gate spot stock trading does not involve perpetual contract funding rates, nor does it incur swap or overnight fees found in CFD products, making it more suitable for users seeking long-term US stock allocation. Additionally, users can manage both crypto and stock assets with the same Gate account, eliminating the hassle of cross-platform account switching and cross-border fund transfers typical of traditional broker models.
From a broader perspective, Gate’s stock trading launch goes beyond a single product. It marks the evolution of crypto platforms from pure digital asset exchanges to comprehensive trading infrastructure connecting global capital markets. As structural divergence and capital flows persist between AI stocks and crypto assets, the ability to allocate both asset classes on a single platform delivers clear cross-market operational value for investors.
From Individual Stocks to Macro Narratives
From a higher industry perspective, the pricing split between AI stocks and Bitcoin isn’t just about capital flows—it needs to be understood across three layers.
The first layer is short-term capital allocation. Bitcoin ETFs saw a net outflow of $2.3 billion in May, as major institutional investors’ leverage structures shifted, weakening buying power—this directly competed with the AI sector’s continued expansion.
The second layer is a major divergence in valuation logic. According to Pantera Capital’s internal quantitative analysis at the end of April, AI sector valuations were about 33% above their long-term trend line, while Bitcoin was undervalued by 43% compared to its trend. This gap suggests Bitcoin’s theoretical room for price correction is expanding, but such "correction" requires new capital inflows—which are being continuously attracted by AI’s outperformance.
The third layer is asset identity reconstruction. Bitcoin was previously seen as a "high-tech, high-risk, high-beta asset," correlated with ETFs and the Nasdaq. But when the combined quarterly AI-related revenue of the three leading AI companies (NVIDIA $81.6B + Broadcom $10.7B + Intel $5.1B, totaling ~$97.4B) approaches an annualized $400B, Bitcoin’s narrative—whether as digital gold or an emerging asset—faces a challenge from "cash flow reality."
The crypto market is experiencing its first true "cross-asset competition"—in institutional allocation decisions, AI stocks, with their predictable revenue growth and quantifiable valuation frameworks, are becoming a more favored "risk exposure" than crypto assets.
Conclusion
The current divergence between Bitcoin and the Nasdaq isn’t a statistical anomaly or a short-term deviation that will quickly correct. It reflects how AI-related stocks—especially companies like NVIDIA, Intel, and Broadcom with verifiable financial models—are exerting clear capital displacement pressure on the crypto market in cross-asset allocation.
Over the next 2-3 months, three dividing lines are worth watching: First, can AI companies maintain their growth momentum in earnings reports? Second, will the net outflow trend from Bitcoin ETFs reverse? Third, will institutional allocation models start reclassifying Bitcoin from a "high-beta tech stock" to an independent asset class? Of these, the second line is most critical—marginal improvement in ETF outflows could signal narrowing divergence. For the second half of this year, AI isn’t just a fleeting theme; it’s a structural force fundamentally reshaping asset pricing frameworks.
FAQ
Has the rise in AI stocks directly caused Bitcoin’s decline?
There isn’t a direct causal relationship, but capital outflows have exerted marginal pressure on Bitcoin’s price, and large ETF outflows have triggered signaling effects.
What do NVIDIA, Intel, and Broadcom have in common?
These three companies cover the core segments of AI infrastructure—GPU, CPU, and custom XPU. Their combined quarterly AI-related revenue approaches $100 billion, creating a complete capital absorption channel from training to inference, from general-purpose to custom solutions.
Has the correlation between Bitcoin and the Nasdaq completely broken?
Not entirely, but the sharp volatility in the first half of 2026 shows their pricing logic is diverging. Going forward, correlation may remain in the mid-to-low range.
Is Bitcoin’s current valuation at a historical low?
Relative to its four-year logarithmic trend line, Bitcoin is currently about 43% below, but this statistical fact does not constitute a price prediction or guarantee mean reversion.
Will institutional capital return to the crypto market?
A return may occur under two conditions: a significant correction in AI sector valuations, or the emergence of new structural catalysts in the crypto market (such as clear regulatory frameworks or new institutional products).
What’s the difference between Gate stock trading and tokenized stock products?
Gate stock trading provides US stock trading services, with orders executed in the US securities market. Users hold the legal rights to the underlying stocks.
What steps are required to buy NVIDIA, Intel, or Broadcom stocks on Gate?
Android users should update the Gate App to the latest version, iOS users to 8.21.5 or above. After completing KYC verification, enter the TradFi stock section, transfer USDT to the stock account, and search to place orders.
Which US stocks does Gate support for trading?
Gate currently supports over 10,000 stocks and ETFs, covering NYSE, Nasdaq, NYSE Arca, NYSE American, BATS, and other major US exchanges. Leading AI companies like NVIDIA, Intel, and Broadcom are all available for trading.
Does Gate stock trading incur overnight holding fees or funding rates?
Gate spot stock trading does not involve funding rates or swap/overnight fees found in CFD products, making it more suitable for long-term US stock allocation.
Is the AI and blockchain crossover sector worth watching?
In Q1 2026, the AI Crypto sector surged about 2.4x, with primary market funding tilting toward this direction—it’s a structural highlight within the crypto market.
How will Fed monetary policy affect this divergence?
Fed rate cuts could boost both BTC and AI stocks (narrowing divergence), while continued tightening may test the assets’ sensitivity to high rates (potentially widening divergence).
Which indicators should investors focus on?
Monitor weekly Bitcoin ETF capital flows, AI company earnings guidance for capital expenditure, changes in total stablecoin supply, and CME Bitcoin futures basis.
