Bitcoin has lost almost a quarter of its value. The tech-heavy Nasdaq index on Wall Street has started to fall. And even leaders of the industry, such as the Google CEO Sundar Pichai, have started to warn about valuations getting out of control. We already knew that AI was driving a boom in investment. But this week there are worrying signs the market is about to crack. The only real question is whether that turns into a full scale crash.

Bitcoin, as so often, is leading the market rout. More than $1 trillion has been wiped off the value of the crypto market over the last six weeks, with Bitcoin itself down by 28 per cent since its peak. But that is just part of a wider fall in tech and AI stocks, with the chipmaker Nvidia, which has powered much of the boom, starting to slide, along with

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