10x Research: Bitcoin mining stocks retrace 20%, influenced by AI and semiconductor narratives

According to a report by 10x Research, Bitcoin mining stocks have largely decoupled from Bitcoin price trends and have experienced a pullback of about 20%.

The report states that Bitcoin mining companies are currently deeply tied to the AI theme, which is more focused on global supply chains and competition rather than crypto adoption or financial digitization. Additionally, the performance of Chinese LLM concept stocks and the outlook for the South Korean semiconductor supply chain are directly impacting the trends of Bitcoin mining stocks.

Data from the image shows that the stock price trend of RIOT has become more synchronized with the Semi SOX ETF since April 2026, with both recently retreating from their highs, indicating that the performance of Bitcoin mining stocks is being influenced by the sentiment in the semiconductor and AI computing power chain.