AI hardware inflation is turning around and hurting tech stocks.

Tesla and SpaceX fell overnight, and Musk rarely described the AI chip supply-and-demand imbalance as “crazy.” Even more telling is Apple—Cook compared the price hikes to a “once-in-a-century flood,” with MacBook prices raised by $300 across the board. Even tech giants can’t withstand the cost pressure.

What does this mean?

In the AI sector, the “computing power arms race” is driving up hardware costs. Meanwhile, crypto mining farms and AI data centers are competing for the same supply chain—GPUs, storage, and electricity. When a player at Apple’s level is forced to raise prices, it shows that upstream costs have already passed through to the end user, and the stubbornness of inflation is more persistent than people imagine.

For the crypto market, this creates indirect pressure: the high-interest-rate environment won’t easily retreat, and the valuation ceiling for risk assets is further compressed. Capital is flowing from high-volatility products to certainty-oriented assets, and this trend is still strengthening.

Put simply: the hotter AI gets, the colder crypto becomes. It’s not a matter of choosing between the two—rather, the entire liquidity pool is shrinking. #美国年度净资本流入创8840亿新高