Bitcoin’s widening gap versus tech stocks is raising fresh concerns as AI-related spending continues to accelerate, according to Quinn Thompson.

Quinn Thompson, CIO at Lekker Capital, says Bitcoin is still showing warning signals, and his fund remains bearish on crypto heading into the summer.

He cites a combination of structural pressures weighing on the market, including ongoing issues around digital asset treasury (DAT) strategies, uncertainty surrounding Strategy’s STRC preferred stock, and lingering concerns that future quantum computing advances could threaten Bitcoin’s security model.

These headwinds, combined with weaker liquidity conditions and persistent selling pressure, have helped drive one of the largest divergences in recent years between Bitcoin and technology equities, with crypto underperforming despite continued strength in the tech sector.

Thompson also warns that broader markets could face added pressure from a potential surge in high-profile IPOs—including SpaceX, Anthropic, and OpenAI—which could draw significant capital away from existing assets and tighten liquidity.

He points to the relative underperformance of the Magnificent Seven versus the broader Nasdaq as an important signal. In strong bull markets, leadership typically comes from the largest names, but he notes that recent gains have been driven more by semiconductor and AI supply-chain firms than by the hyperscalers that initially led the rally.

According to Thompson, these hyperscalers are increasingly constrained by heavy AI-related capital spending, which is pressuring free cash flow, raising debt levels, and limiting share buybacks.

At the same time, scaling back spending could weaken the semiconductor and AI infrastructure trade that has supported much of the broader tech ecosystem.

He concludes that rising IPO supply will compete more directly for investor capital and attention, creating a difficult environment ahead for both AI leaders and the broader market.