Gold is outperforming the Nasdaq 100 since the launch of ChatGPT

Not entirely, it's used in integrated circuits. Electronics is one of the places it's actually a functional good.

It's used in trace amounts, not enough to make much of a difference in terms of volumes traded on markets.

That's moving the goalposts. "entirely useless" and "not enough to make much of a difference in terms of volumes traded on markets" are very different claims.

The use in electronics is so small that it's functionally irrelevant to its speculative market price and role in a large-scale economy, making it essentially 'useless' in that context (industrial uses are not moving the price of gold now or even in the future w/ millions of robots in the pipeline)¹. No electronics supplier is going to come to you b/c they ran out of gold dust for the trace amounts they need in their circuits, now or in the future. And if it does somehow become a problem then they will figure out how to recycle it from the old circuit boards (they do this now as well I think but it's still not enough to move the price either way in the speculative markets).

¹https://en.wikipedia.org/wiki/Gold?useskin=vector - The consumption of gold produced in the world is about 50% in jewelry, 40% in investments, and 10% in industry.