AI Storage Stocks Crash: Is Capital Rotating? | CoinDesk Daily

**Jennifer Sanasie** (0:00)
AI's storage darlings crash even after record earnings, and a cat meme coin jumps 200% on Robinhood's chain. This is CoinDesk Daily.
RealFi, a smarter stablecoin backed by real world assets. Join the testnet now at realfi.co. Two of the AI storage boom's biggest winners, Sandisk and Western Digital, both fell despite strong quarterly results. Sandisk hit record revenue of $8.97 billion and beat on earnings. Western Digital grew revenue 44% year over year, but both gave soft guidance while investors wanted more. After months of Bitcoin losing out to AI, could traders be reading it as capital finally rotating back? CashCat is up 200% over the past week, trading around 13 cents with a market cap around $130 million.
The cat-themed meme coin is the breakout hit of Robinhood's new blockchain. The chain itself is growing fast with total value locked up 20% this week to $774 million.
And JP Morgan says the momentum behind hyperliquid may be fading. Inflows into its high ETFs have largely stalled after surging in May and June. The bank warns of significant challenges to the market share of decentralized platforms like hyperliquid. The concern is that new US-regulated perpetual futures products could pull trading away from offshore venues. Get more updates on coindesk.com. RealFi, a smarter stablecoin backed by real world assets. Join the testnet now at realfi.co.