# AI chip demand

Tech Earnings and Memory Shortages Trigger Global Risk-Off; Crypto and Silver Plummet as Chinese Stocks Buck the Trend

A sharp risk-off episode on February 5–6 swept US equities, precious metals and cryptocurrencies after mixed earnings and worrying guidance from chip suppliers. Microsoft lost about $152 billion in market value, spot silver plunged nearly 20%, and bitcoin fell over 14% as more than 430,000 leveraged crypto positions were liquidated. Chinese ADRs bucked the trend, posting gains in a selective rally.