Would you think it's a fantasy if a company's soaring stock price could drive the entire AI cryptocurrency circle into a frenzy? However, this scene played out in reality just yesterday! With the global largest chip manufacturer NVIDIA's market capitalization surpassing Apple's, AI cryptocurrencies like FET, TAO, RENDER, NEAR, and others recorded double-digit gains, as if the entire AI cryptocurrency circle was ignited!
NVIDIA, the giant in AI technology, has not only reclaimed the throne of the world's most valuable company, but its stock price has also risen by 2.84%, successfully surpassing tech giants Apple and Microsoft. As of the time of writing, NVIDIA's market capitalization reached $3.43 trillion, while Apple and Microsoft stood at $3.38 trillion and $3.06 trillion, respectively.
Since the beginning of this year, NVIDIA's stock price has soared over 190%, nearly tripling! Behind this is its rapidly growing sales performance and continued investment in generative AI and accelerated computing technologies. In just the past month, NVIDIA's stock price has increased by 9.5%, with a current trading price of $139.91.
So, what is NVIDIA's secret to success? The answer lies in its core role in the AI revolution. In particular, its advanced GPUs, such as the H100 and the upcoming H200 series, are driving the development of machine learning and generative AI applications across various industries. These GPUs have become an indispensable infrastructure for AI training, making NVIDIA the preferred choice for tech companies and institutions investing in AI.
You might ask: What does NVIDIA's skyrocketing stock price have to do with the AI cryptocurrency circle? In fact, this isn't the first time. Whenever NVIDIA makes significant progress, the AI cryptocurrency circle tends to experience a bull market. For example, when NVIDIA announced its partnership with Alibaba Cloud, several AI cryptocurrencies recorded gains. This time, with NVIDIA's market capitalization surpassing Apple's, the AI cryptocurrency circle is boiling again!
FET, as the native token of the Artificial Intelligence Superintelligence Alliance, rose by 21.8% in the past day, with its market capitalization soaring to $3.65 billion. Meanwhile, the decentralized AI platform Bittensor (TAO) saw an increase of 19.4%, reaching a market capitalization of $3.76 billion. Other AI cryptocurrencies like Render (RENDER), NEAR Protocol (NEAR), The Graph (GRT), and Akash Network (AKT) also recorded increases of 13.6%, 13.8%, 11.6%, and 9.5%, respectively.
According to CoinGecko data, the total market capitalization of AI cryptocurrencies has reached $28.5 billion, up 16.8% from the previous day. With NVIDIA set to replace Intel as a component of the Dow Jones Industrial Average on November 8, ending the 25-year run of its competitor chip manufacturer in this stock market index, AI cryptocurrencies are expected to see even more increases.
In addition to the bull market driven by NVIDIA, Bitcoin (BTC) recently hit a historic high of $75,358, injecting new momentum into the cryptocurrency market. This further propelled the rise of AI cryptocurrencies and solidified the upward trend in this field.
Friends, have you also felt the festive craze in the AI cryptocurrency circle? Let's wait and see what surprises await us next!
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The above content is for informational sharing only and does not constitute any investment advice! Investing involves risks, and market entry should be cautious!
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