Fidelity’s Jurrien Timmer has warned that the artificial intelligence trade may be nearing its end, raising fresh questions about whether capital could rotate into Bitcoin. According to Timmer, the broader stock bull market has leaned heavily on a small group of large AI companies, and sustaining upward momentum could become difficult if that leadership fades.
He noted that enormous funding for companies such as OpenAI and Anthropic cannot continue indefinitely. Anthropic’s IPO roadshow launched on November 10, with existing stockholders offering part of their holdings alongside newly issued shares. Timmer added that while the equal-weighted S&P 500 suggests healthier market participation, a top-heavy market may still struggle to keep pushing higher without strength from dominant technology names.
For crypto, Timmer said Bitcoin could benefit if investors begin moving away from AI-related equities, but he stressed that such a rotation is not guaranteed. He highlighted volatility, weaker risk appetite, cybersecurity threats, and concerns about Bitcoin’s quantum resistance as barriers to fresh institutional inflows. Confirmation of a durable shift would require sustained inflows into spot Bitcoin ETFs and higher highs across Bitcoin and major altcoins.
