According to CryptoPotato, Nvidia's stock has seen a significant drop over the past three consecutive trading days, leading to a loss of over $430 billion in market capitalization and a 13% drop from its peak. Despite this, AI crypto tokens have demonstrated substantial increases in the last 24 hours.
Crypto traders often view Nvidia as a crucial indicator for the AI cryptocurrency market. However, this correlation did not appear in the latest evaluation. Over the past five trading days, Nvidia's stock price has fallen by 11.16%, currently trading at $118.11, as per Google Finance data. Despite this recent decline, Nvidia's value has nearly tripled over the past year. Last week, it even surpassed Apple and Microsoft to become the most valuable U.S. company. However, data from Ycharts shows Nvidia's market cap has decreased by $430 billion, falling from $3.3 trillion to $2.9 trillion, giving up its top position.
Despite Nvidia, a leader in Artificial Intelligence Computing, experiencing a significant decline in its stock prices, crypto AI tokens have shown steady increases over the past hours. The Artificial Intelligence (AI) market cap is currently slightly over $29 billion, reflecting an 8.7% change in the last 24 hours. Top players such as Near Protocol, Fetch.ai, Internet Computer, Render, and The Graph have recorded significant gains ranging from 3% to 25%. During the same period, the largest gainers included Nosana and Commune AI, with increases of 37% and 35%, respectively, despite their mid-to-low market capitalizations.
Nvidia's stock fall did not coincide with any significant negative news or catalysts. However, concerns arose over President Jensen Huang and other executives selling a substantial amount of shares recently. Since June 13, Huang has liquidated $79.38 million worth of Nvidia stock, as reported in a June 21 filing with the SEC, drawing significant attention. Global Market Insider highlighted in a recent post that Nvidia executives are selling shares at their fastest pace ever. Additionally, Barchart reported that Nvidia executives have collectively sold shares totaling $796 million throughout the year. However, analysts like Oguz O countered that 'most of them are pre-planned and don't bother me,' suggesting the sales were anticipated and not alarming.