Grayscale Research Director Says Decline in Computing Stocks, Demand Will Remain

Grayscale's research director, Zach Pandl, stated that the recent decline in AI computing infrastructure stocks is primarily due to investors' concerns over rising borrowing costs, while the financing demand from related companies remains high. The stock index, which includes AI cloud service providers CoreWeave and Nebius, has dropped about 27% since the end of September, according to data from Bloomberg and Grayscale Investments, based on the Indxx High-Performance Computing Index, as of October 19, 2026. Pandl pointed out that most of these companies are in the early stages and capital-intensive, with some neocloud capital expenditures being several times their current revenue. The top five holdings in this index have a capital expenditure to sales ratio exceeding 230% over the past 12 months. He believes that despite the stock price correction, the demand and price for computing power will remain, with demand for computing power on the rise rather than decline. Pandl expects that the decrease in token prices and the increase in AI agent usage will lead to higher inference demand, thereby supporting the growth of computing power demand; if demand increases and computing power prices remain high, these companies may benefit. He also mentioned a slowdown in GPU depreciation and the overlap between AI computing and the Bitcoin mining industry, suggesting that Bitcoin prices may rise. Pandl believes that although higher borrowing costs have suppressed computing infrastructure stocks, the fundamental trend of rising computing power demand still holds, and this correction should be seen as an opportunity to increase exposure to the energized compute layer.

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