Key Points
- Nvidia, world’s largest chip maker, surpasses Apple in market valuation, boosting AI tokens like FET, TAO, RENDER, and NEAR.
- Nvidia’s success in AI technology and upcoming inclusion in the Dow Jones Industrial Average could further drive AI crypto tokens.
Nvidia, a leading name in AI technology, has overtaken Apple to become the world’s most valuable company. The rise in Nvidia’s share price by 2.84% has resulted in a market cap of $3.43 trillion, surpassing Apple’s $3.38 trillion and Microsoft’s $3.06 trillion.
This year, Nvidia’s stock has seen a staggering rise of over 190%, nearly tripling due to rapid sales growth and continued investment in generative AI and advanced computing technologies. The company’s stock has also increased over 9.5% in the past month alone, currently trading at $139.91 per data from Google Finance.
Role of Nvidia in AI Revolution
Nvidia’s success can be attributed to its central role in the AI revolution, especially with its advanced GPUs like the H100 and the upcoming H200 series. These GPUs have become critical infrastructure for AI training, making Nvidia indispensable to tech companies and institutions investing in AI.
Increased interest in Nvidia has also positively impacted several AI-focused cryptocurrencies. Notably, the native token of the Artificial Superintelligence Alliance, FET, rose by 21.8% over the past day, reversing a seven-day decline and boosting its market cap to $3.65 billion.
AI Tokens Surge
Bittensor (TAO), a decentralized AI platform, surged 19.4%, returning to price levels last seen on Oct. 30, with its market cap reaching a valuation of $3.76 billion. Other AI tokens like Render (RENDER), NEAR Protocol (NEAR), The Graph (GRT), and Akash Network (AKT) also saw gains ranging from 9.5% to 13.8%.
The recent surge in AI tokens has pushed their total market cap to $28.5 billion, up 16.8% over the previous day per data from CoinGecko.
AI crypto tokens could see further gains as Nvidia is set to replace Intel in the Dow Jones Industrial Average, ending the rival chip manufacturer’s 25-year run on the stock market index on Nov. 8.
In addition to the Nvidia-driven rally, Bitcoin’s (BTC) recent all-time high of $75,358 has injected fresh momentum into the crypto market, amplifying gains across AI-focused tokens and reinforcing the sector’s upward trajectory.