As a seasoned crypto investor with a knack for spotting trends and a portfolio that mirrors my love for technology, I find myself consistently drawn to the intersection of AI and blockchain. The recent surge in the market valuation of Nvidia has once again proven to be a golden opportunity for those who keep an eye on these dynamics.
In simple terms, AI-related stocks like FET, TAO, RENDER, and NEAR saw substantial increases of more than ten percent, as Nvidia, the leading global semiconductor manufacturer, outpaced Apple in terms of total market value.
In a significant turn of events, AI technology leader Nvidia once again took the top spot among global companies, as its stock prices rose by approximately 2.84%. This impressive growth allowed it to outperform industry giants like Apple and Microsoft.
At the time of writing, Nvidia’s market capitalization was valued at an impressive $3,430 billion. To put that into perspective, both Apple and Microsoft were close behind with market caps of $3,380 billion and $3,060 billion respectively.
This year, Nvidia’s shares have experienced a substantial increase of over 190%, approaching triple their initial value. This impressive growth is largely attributed to robust sales gains and ongoing commitment towards the development of generative AI and high-speed computing technologies. In just the last month, the stock price has also climbed by approximately 9.5%. As of recent data from Google Finance, it is trading at $139.91 per share.
The significant achievements of NVIDIA are largely due to its pivotal position in driving the artificial intelligence (AI) revolution, particularly through its cutting-edge graphics processing units (GPUs), like the H100 and forthcoming H200 series. These GPUs have been instrumental in powering machine learning and generative AI applications across various sectors. Consequently, these GPUs have evolved into indispensable infrastructure for AI training, making NVIDIA an essential partner for technology companies and academic institutions that are heavily investing in AI technologies.
As a crypto investor, I’ve noticed an intriguing pattern: when Nvidia makes significant strides, AI-focused cryptocurrencies tend to skyrocket. This latest feat of theirs has once again triggered a bullish rally in the AI-cryptocurrency market, with prices mirroring the excitement surrounding Nvidia’s advancements.
Previously, crypto.news had reported that certain tokens experienced increases in value during September, following Nvidia’s announcement of a partnership with Alibaba Cloud. Similarly, Clore AI, a blockchain-focused initiative targeting the GPU leasing market, was observed benefiting from the Nvidia surge earlier this month.
Over the last day, the FET token, which is associated with the Artificial Superintelligence Alliance, experienced a surge of 21.8%. This marks a shift following seven consecutive days of falling prices. As a result, the market capitalization of FET now stands at a substantial $3.65 billion.
On a notable upward trend, the decentralized AI platform Bittensor (TAO) experienced a jump of 19.4%. This surge brought its price back to levels last witnessed on October 30, and its market cap soared to an impressive valuation of $3.76 billion. Meanwhile, other AI-focused tokens like Render (RENDER), NEAR Protocol (NEAR), The Graph (GRT), and Akash Network (AKT) also showed growth, with increases of 13.6%, 13.8%, 11.6%, and 9.5% respectively.
Over the past period, an increase in AI-related tokens has led to a total market value of approximately $28.5 billion, marking a 16.8% rise compared to the day before, as indicated by statistics from CoinGecko.
It’s possible that AI cryptocurrency tokens may see further increases in value due to NVIDIA reaching a significant achievement: overtaking Intel and joining the Dow Jones Industrial Average on November 8, thus ending Intel’s 25-year tenure on the stock market index.
Apart from the surge in Bitcoin‘s price due to NVIDIA, its new record high of $75,358 has sparked renewed energy in the cryptocurrency market. This has boosted gains in AI-related tokens, further solidifying the sector’s continued rise.
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2024-11-06 10:58