AI Coins Rally As Nvidia Surpasses Apple As Largest Global Company
Nvidia has surpassed Apple in market capitalization, reaching a historic $3.43 trillion valuation. This milestone is evidence of Nvidia’s leadership in the artificial intelligence industry, which has also led to a significant increase in the number of AI themed cryptocurrencies.
While Nvidia is enjoying the positive trends in the Artificial Intelligence technology, some of the AI coins such as NEAR Protocol, Internet Computer, Bittensor, Artificial Superintelligence Alliance, and Injective have surged.
Nvidia Surpasses Apple as Largest Global Company
On Tuesday alone, Nvidia’s shares increased by 2.9%, making the company’s market capitalization hit $3.43 trillion, which became only slightly higher than Apple’s $3.38 trillion. The firm has been expanding at an extremely high rate due to the fact that its chips AI, have become indispensable for many Large Language Models available in the market today.
Fall Ainina, the director of research at James Investment Research, said that the positioning of Nvidia as the world’s largest company highlights the expectations of investors regarding further development of the Artificial intelligence market.
Nvidia’s stock has risen more than 850% since the end of 2022 due to its importance to the AI-based environment. This is because most of the leading tech companies such as Microsoft, Alphabet, Amazon, and Meta use Nvidia’s chips in their AI systems. Wall Street analysts have revised the revenue estimates for Nvidia, with the firm expected to record more than double this fiscal year’s earnings, and an additional 44% growth the following year.
AI Coins Surge in Response to Nvidia’s Market Success
As Nvidia cements its status as a leader in AI, several AI-focused cryptocurrencies have seen a substantial increase in their prices. NEAR Protocol, an AI-friendly blockchain platform, rose by 5.46%, trading at $3.81 with a 24-hour trading volume of $222 million. Internet Computer, another AI-focused blockchain, surged by 4.99%, reaching $7.37 with a trading volume of $57 million.
Other AI coins have also experienced notable gains. Bittensor, a decentralized AI platform, jumped 14.65% to $482.41, reflecting strong interest in AI-driven blockchain technologies.
Artificial Superintelligence Alliance rose by 10.96% to $1.25, indicating investor confidence in projects supporting AI integration. Injective, a blockchain that enables decentralized AI applications, increased by 6.26% to $17.34.
Market Response to AI’s Growing Influence
The rise of Nvidia to the leadership position in the global market cap highlights the growing role of AI in Wall Street. Some of the largest technology companies such as Microsoft, Amazon, Alphabet, and Meta have invested heavily in the advancement of AI with Nvidia providing the essential hardware. These companies’ dependence on the AI chips by Nvidia has helped the company to grow at a very fast rate and boosted other AI coins.
As per analyst, the stock and crypto rallies that are being driven by AI are set to keep on rising as more companies adopt AI in their operations. Nvidia alone makes up for 7% of the S&P 500 Index’s weight and has contributed to a quarter of its 21% gain this year. Concurrently, the AI-related stocks, such as Nvidia, have been among the strongest-performing stocks in 2024.
Despite these moves, Nvidia is facing regulatory scrutiny in its expansion efforts. The European Commission recently decided to review Nvidia’s planned $700 million acquisition of Israeli AI startup Run Labs Ltd.
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