H1 2026: AI machinery stocks surged, while crypto and gold fell.

H1 2026: AI build‑out assets soared, while Bitcoin and gold stumbled. Despite Middle East war, political upheaval and an oil‑price spike, several markets hit fresh record highs.
Dan Coatsworth (AJ Bell) says AI spending winners were the standout investments; Bitcoin was “a shocker”, gold lost shine – a remarkable six‑month run.
Top gains came from memory/storage chipmakers. AI demand vs tight supply drove prices and shares up. SanDisk: +850% in six months; Western Digital, Micron, Seagate all more than tripled – multi‑year returns in half a year. Driver: huge high‑speed memory/storage needed for AI training and data‑centre expansion.
Other US AI winners: Intel, Dell, AMD, Applied Materials, all +150–280% YTD.
Emerging markets rose: Asian chipmakers (TSMC, SK Hynix) lifted KOSPI (+100%), Nikkei 225 (~+40%), MSCI EM (~+27%). Europe: FTSE 100 +7%, CAC 40 +5%, DAX +2%. India (MSCI) −5%, HK Hang Seng −6%.
Summary: AI infrastructure and memory chips dominated H1 2026 returns; crypto, gold and some Asian markets lagged, even as major indices reached new highs.