AI-Linked Cryptocurrencies Drop After Apple Developer Event

According to CoinDesk, Apple's annual developer event, which included the reveal of its artificial intelligence (AI) plans, led to a nearly 2% drop in the company's shares. This has had a ripple effect on AI-related cryptocurrencies, which have underperformed in the broader digital asset market.

Cryptocurrencies linked to artificial intelligence, such as Render (RNDR), Fetch.ai (FET) and SingularityNET (AGIX), have seen a decline of 3% to 5% in the last 24 hours. Bittensor's TAO also suffered a significant drop, dropping almost 6% over the same period. The Layer-1 network's Near Protocol also saw a 3.2% reduction.

The CoinDesk Computing Index, which includes tokens with AI-related utilities, was one of the worst-performing sectors among digital assets. It lost 2.5% in market value during the day, underperforming Bitcoin and the broader digital asset benchmark, the CoinDesk 20 Index.

The decline came as expectations were high for Apple to reveal its AI plans at the Apple Worldwide Developers Conference (WWDC2024). The company announced Apple Intelligence, a suite of AI capabilities for iPhones, Macs and other products, and a partnership with Sam Altman's OpenAI to integrate ChatGPT into Apple software. Despite these announcements, Apple shares closed the trading session down almost 2%, even with the main US stock indexes recording slight gains.