With tech stocks and gold, two seemingly opposite asset classes are currently suddenly moving up in lockstep – a signal that, according to analysts, reveals deeper risks.
• Both gold and tech stocks like NVIDIA with record after record
• Gold serves as a “collective hedge” against AI risks, analysts say
• Bursting of an AI bubble could fuel inflation – gold as a safe haven
While shares of technology giants like NVIDIA are currently rising to new heights, the price of gold is also currently experiencing an unprecedented record run. It is rare for both values to rise so sharply at the same time – after all, tech stocks are traditionally considered risky investments, while gold is valued as a classic “safe haven” in uncertain times. According to a recent analysis by the Australian investment bank Macquarie, cited by Investing.com, this simultaneous rally could therefore be a warning signal.
Gold as a hedge against the failure of the AI promise
According to Macquarie experts, gold currently plays a role as a kind of “collective hedge” against the risk that the current AI-driven technology boom – led by companies like NVIDIA – fails to deliver on its high growth and productivity promises. If the euphoria surrounding artificial intelligence ends in a similar way to the dot-com bubble at the turn of the millennium, there would be a threat of inflation instead of real productivity gains. In such a scenario, according to Macquarie analysts, gold would be the asset that could best cushion the failure of the AI dream, as the yellow metal has a good reputation as a protection against currency devaluation. “Gold can therefore be viewed as a hedge in the event that the current AI-driven technology boom does not deliver on its productivity promises,” “Investing.com” quotes from the expert study.
Parallels between tech stocks and the price of gold
In the past three years, the price of gold has risen by around 140 percent – a value that almost corresponds to the price increase of the NASDAQ 100, which, driven by the AI euphoria, rose by around 124 percent in the same period (as of closing prices on October 13, 2025). This means that risk and hedging strategies are reflected in a remarkable way. On the one hand, investors are betting on the success of AI companies like NVIDIA, but at the same time they are apparently holding gold as a counterbalance – according to Macquarie analysts, in case the high expectations of artificial intelligence are disappointed.
Central banks are also reinforcing this trend. According to Investing.com, their gold reserves now exceed – measured by market value – their holdings of US government bonds. In addition, private demand continues to be robust, which provides additional support for the gold price.
Editorial team finanzen.net
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