Bill Miller’s Son Says AI Trade Is Losing Its ‘Luster’ With Bitcoin Staging A Comeback After ‘Summer Break’

• Investors were rotating out of an AI trade losing its "luster" amid valuation and return concerns, while crypto was "just coming back after summer break, " said Bill Miller IV on CNBC.

• "The entire market cap of Bitcoin is less than the dollars that need to be created to cover one year of it," Miller said.

• His father, who beat the S&P 500 for 15 straight years at Legg Mason, had said before that Bitcoin is an insurance policy against financial catastrophe and inflation.

Bill Miller IV said on Monday that crypto was "just coming back after summer break" as money rotates out of the AI trade as investors are questioning whether the returns justify the capital being spent.

In an interview with CNBC, the chief investment officer (CEO) at Miller Value Partners and son of longtime billionaire Legg Mason manager Bill Miller III, said the AI trade was "starting to lose a little bit of its luster" as concerns grew around valuations and returns that may not materialize on the sector's capital expenditure. This prompted long-term thinkers to look at crypto, he said.

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