Global markets have been on a rollercoaster, with billions wiped from two of the hottest trades of the past year: Big Tech and Bitcoin. At first glance they might seem unrelated – but both are deeply tied to the same force driving markets right now: the AI boom. As software stocks wobble, crypto swings wildly and tech giants ramp up spending on data centers, investors are being forced to reassess what comes next.

On this episode of the Bloomberg Australia Podcast, Rebecca Jones speaks with cross-asset reporter Richard Henderson about what’s behind the volatility, whether the AI trade is cracking or simply cooling off, and why some investors remain surprisingly bullish.

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