Four restaurant and snack stocks have outperformed Bitcoin and Nvidia over the past six months, according to market data, as volatility weighed on both the cryptocurrency and the chipmaker.
Snack and restaurant stocks outpace Bitcoin and Nvidia
Cheesecake Factory shares gained 72.86% over six months as of Friday’s close, and the restaurant chain has more than doubled over the past year. Wingstop rose 20.47% in the same period, though the chicken wing chain remains down more than a third on a 12-month basis.
Krispy Kreme added 14.25% over six months, helped by a 31% jump on Thursday after the donut maker lifted its full-year revenue outlook a day earlier. Monster Beverage gained 8.22% over six months and is up more than a third over 12 months.
By comparison, the Bitcoin price landed near the bottom of the ranking. Only Nvidia did worse, with a loss of more than 12% over the six-month period.
Tech selloff hits chips and crypto
The same selloff hit both chips and crypto this week. Fears of tighter rules for AI data centers drove Thursday’s Nasdaq selloff after Democrats won both chambers of Congress. Senator Bernie Sanders has already called for a data center moratorium.
Nvidia fell 9.26% on Thursday and lost its spot as the world’s most valuable company to Apple. Bitcoin followed the tech rout; its post-election rally collapsed, and the asset now trades near $76,000.
Crypto stocks had already struggled before the midterms. Shares of Coinbase, Circle, and Robinhood have fallen 40% to 56% in a stealth bear market. Angel investor Jason Calacanis has even predicted a Bitcoin crash to $57,000.
Nvidia reports quarterly earnings on November 17. A weak report could add pressure on the Bitcoin price after Bitcoin’s shocking 48 hours this week.
