According to CoinDesk, Apple's annual developer event, which included the unveiling of its artificial intelligence (AI) plans, led to a nearly 2% drop in the company's shares. This had a ripple effect on AI-related cryptocurrencies, which underperformed in the broader digital asset market.
Cryptocurrencies linked to artificial intelligence, such as Render (RNDR), Fetch.ai (FET), and SingularityNET (AGIX), saw a decline of 3%-5% over the past 24 hours. Bittensor's TAO also experienced a significant drop, falling nearly 6% during the same period. The Layer-1 network Near Protocol also saw a 3.2% decrease.
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 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 features for iPhones, Mac, and other products, and a partnership with Sam Altman's OpenAI to integrate ChatGPT into Apple software. Despite these announcements, Apple's shares closed the trading session nearly down 2%, even as key U.S. equity indexes saw slight gains.