Over the last six months, four restaurant and snack companies outperformed both Bitcoin and Nvidia. Cheesecake Factory shares increased by 72.86%, while Wingstop grew by 20.47%. Krispy Kreme stock rose 14.25% following a 31% jump on Thursday, supported by an upward revision of its full-year revenue outlook. Monster Beverage saw a 6-month gain of 8.22%.
In contrast, Bitcoin and Nvidia experienced significant declines during the same period. Nvidia shares fell by more than 12% overall, with a 9.26% drop occurring on Thursday alone. This decline caused Nvidia to lose its position as the world's most valuable company to Apple. Bitcoin also saw its post-election gains reverse, with the asset currently trading near $76 000.
The recent market selloff was triggered by concerns over potential regulations for AI data centers following the Democratic victory in both chambers of Congress. Senator Bernie Sanders has proposed a moratorium on data center development. Additionally, crypto-related stocks including Coinbase, Circle, and Robinhood have seen declines ranging from 40% to 56% recently.
Market participants are now looking toward Nvidia's quarterly earnings report scheduled for November 17. Analysts suggest that a weak performance could exert further downward pressure on the price of Bitcoin. Meanwhile, investor Jason Calacanis has projected a potential decline for Bitcoin to the level of $57 000.
