Arthur Hayes: Only AI Stocks Are Rising Globally, Other Sectors Are Stalling
Former BitMEX CEO Arthur Hayes stated on the May 22 episode of The Rollup podcast that currently, only AI stocks are rising in the global capital markets, while other sectors are essentially stalled.
He analyzed three main reasons: consumer unemployment leading to reduced demand, AI giants absorbing global available credit, and governments prioritizing AI capital expenditure, thereby squeezing financing space for other industries.
Hayes emphasized that this is not a broad-based bull market; in the crypto market, only a few cryptocurrencies are strengthening, making it a tough time for most people.
Source: Public Information
ABAB AI Insight
Arthur Hayes has previously made accurate judgments about macro capital flows, and this viewpoint continues his assessment of AI as a global capital black hole, indicating that AI has become the highest priority for credit and policy, significantly marginalizing other assets.
In terms of capital flow, global funds are highly concentrated in AI infrastructure, chips, and application companies, with only narratives related to AI (such as computing, Agent) maintaining strength in the crypto market. The motivation is that AI is seen as a new round of productivity revolution, while traditional industries face increased financing difficulties and valuation pressures.
Similar to the "80-20" phenomenon where AI-driven Nasdaq rises sharply while small-cap stocks and traditional sectors languish from 2023 to 2025, the current global market is transitioning from broad liquidity-driven dynamics to a highly concentrated AI theme.
Essentially, this is about capital concentration: AI absorbs global credit and policy resources, driven by its high return expectations and strategic importance, accelerating the shift of capital from diversified allocations to a few high-certainty AI assets, creating a clear winner-takes-all pattern that pressures most non-AI asset holders.
ABAB News · Law of Cognition
Capital always chases the narrative with the highest certainty.
When AI absorbs global credit, other assets become the "forgotten corners."
A true bull market is never about widespread gains, but rather a very small number of winners taking most of the gains.