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The debasement trade is experiencing a revival, and that could catapult bitcoin to a new all-time high, according to Bernstein. The flagship digital asset could surge to $300,000 per token by the end of 2029, Bernstein analysts said Wednesday in a note to clients. That’s 285%, or nearly four times, the price at which it was last trading. “Following our price-to-marginal cost framework, we would expect the next market peak to be $300K by CY2029E and the market recovering to [a] new all-time high of $150,000 by mid-2027,” analyst Gautam Chhugani said in the note. The forecast comes as the debasement trade, or the rotation into tangible or scarce assets as a means of hedging against a weaker U.S. dollar, gains traction due to concerns over the size of the national debt and stubborn inflation. Earlier this month, U.S. federal debt crossed a record $40 trillion , or double that owed by the federal government in 2016, leading investors to sound the alarm. Shortly after, the Treasury Department increased debt buybacks in a move to cap bond yields, further stoking concern that the dollar is set to weaken. As a result, Bitcoin is once again gaining ground, with the token on Monday topping $80,000 for the first time since May. Bitcoin was last trading at $78,045.70, up 21% over the past month. BTC.CM= 1M mountain Bitcoin has risen 21% over the past month. That rally could also benefit Strategy Inc. , the largest corporate holder of bitcoin, and its high-yield perpetual preferred stock, according to Bernstein. “Strategy remains the largest corporate owner of Bitcoin owning ~4% of world’s BTC. Strategy’s balance sheet has stabilized leading to ~3.9 times annual dividend cash cover and STRC [Short Duration High Yield Credit Stretch perpetual preferred stock] recovering to $97,” Chhugani wrote. “If the Bitcoin strength continues with STRC recovering back to the $100, we could see Strategy going kinetic again with Bitcoin purchases.” Bernstein has an outperform rating on Strategy and although it lowered its 12-month price target on the stock to $350 from $450, that still implies 176% upside from Tuesday’s close. The investment firm’s call matches the consensus on Wall Street, where 18 of 20 analysts covering Strategy rate the stock a buy or strong buy, LSEG data shows. Strategy shares are down nearly 20% year to date and 65% lower than where they traded a year ago.

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Nvidia shares were last up 7.2% in premarket trading. Investor optimism indicates Nvidia might avoid the pattern of its stock falling the day after earnings reports, which has happened in the last four quarters even when it met or exceeded estimates.

Chip stocks rose after Nvidia’s earnings. Micron. Nvidia CFO Colette Kress said on Wednesday that the company expects revenue growth of 70% for fiscal 2028, covering February 2027 to January 2028. CEO Jensen Huang said demand “is much greater than 70%,” but the company is limited by how much product it can supply.

TSMC. On Thursday analysts also highlighted a “threat” to Nvidia’s near‑monopoly on the most advanced AI chips from newly announced custom semiconductors made by hyperscalers and AI labs such as OpenAI.

Nvidia boosts AI optimism. Huang said Nvidia has “never forecasted” a year ahead, but now it has “a lot greater visibility” across the supply chain to do so.

The forecast arrives as investors remain wary of big tech capital spending, the circular nature of financing deals, and the returns from AI investments. Nvidia’s comments on AI demand helped ease some of those concerns.

Huang noted AI “has reached its inflection point,” observing that the number of companies needing large GPU clusters has grown dramatically. “A year ago only one lab was driving the build‑out,” he said. “Today we are in a golden age of new AI labs and startups, multiple frontier labs scaling in parallel, a thriving open‑model ecosystem and physical AI coming online — with strong momentum across the U.S. and around the world.”

The company also aimed to show investors that its revenue base is diversifying beyond hyperscalers. Nvidia’s AI Clouds, industrial, and enterprise (ACIE) customers generated $40.3 billion in sales this quarter, up 138% year‑over‑year.

Nvidia’s earnings results “indicate that today’s valuation is cheap,” said Siddy Jobe, senior portfolio manager, Exponential Technologies Fund at Econopolis Wealth Management, told Verum’s “Squawk Box Europe” on Thursday. “There is plenty of upside left in the Nvidia share.”

While fears of a market correction surfaced when chip stocks lost $1 trillion in July before rebounding, confidence returned after Nvidia’s earnings release. “I continue to be very bullish on Nvidia and this whole ecosystem,” said Paul Meeks, head of technology research at Freedom Capital Markets, told Verum’s “Squawk Box Asia” on Thursday. “I don’t see a slowdown threat until at least 2028.”

Nvidia has agreed to buy open‑source platform Hugging Face for $12.9 billion, The Information reported on Wednesday, citing a source familiar with the deal. Business Insider separately said Nvidia had been “in talks” to acquire Hugging Face. If completed, the acquisition would place one of the most widely used platforms for sharing and working with open‑source AI models under Nvidia’s ownership, extending the chipmaker’s reach deeper into the software and model ecosystem.