Kotak Institutional Equities on Thursday said it is perplexed by the sharp increase in prices of haven assets such as gold and risky assets such as crypto and AI stocks in the past few weeks. The former would suggest concerns about macro and growth, whereas the latter would suggest exactly the opposite. Advertisement

Data showed gold prices are up 10 per cent, 19 per cent and 33 per cent in the past one, three and six months, respectively. Bitcoin is up 12 per cent, 15 per cent and 60 per cent, respectively. A basket of 14 AI stocks are up 26 per cent, 32 per cent and 93 per cent, respectively, during the same period.

"Logical explanations may exist for both, but it seems FOMO may be underlying the driver for this anomalous behavior," the domestic brokerage said in a strategy note.

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