Nvidia Surpasses Microsoft in Market Cap, AI Tokens Rally

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21 Jun 2024
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Nvidia Surpasses Microsoft in Market Cap, AI Tokens Rally


Nvidia has emerged as the world's largest company by market capitalization, overtaking tech giants like Microsoft and Apple. This milestone has sparked a significant surge in the prices of artificial intelligence (AI)-based cryptocurrency tokens, even as the broader crypto market experiences a downturn.

According to data from CompaniesMarketCap, Nvidia's market cap has reached a staggering $3.335 trillion, with its stock price at $135.58. In comparison, Microsoft's and Apple's market caps stand at $3.317 trillion each.

Nvidia leads with the largest total market capitalization. Source: CompaniesMarketCap

AI Tokens on the Rise


Among the top-performing AI tokens, Fetch.ai (FET) leads with a remarkable increase of over 23% in the last 24 hours, currently priced at $1.50, as per CoinMarketCap data. This token has also seen a daily trading volume of $328 million, with gains reaching up to 69%.
FET daily token price chart. Source: CoinMarketCap

Other AI tokens like SingularityNET (AGIX) and Ocean Protocol (OCEAN) have also surged by about 20% within the same timeframe. Alongside FET, these tokens are set to merge into a unified token called Artificial Superintelligence Alliance (ASI).

Additional AI tokens such as NEAR (up 1.8%), TAO (up 2%), GRT (up 2.4%), and AKT (up 10%) have shown notable gains as well.


The ASI Alliance


The ASI Alliance was officially announced in March 2024, aiming to create a single, integrated ASI token. This initiative is driven by a shared vision to democratize AI technology through the use of blockchain, ensuring ethical and trustworthy AI development.

The strategy for merging these tokens involves a detailed token exchange system. FET tokens will be converted to ASI on a one-to-one basis, providing a straightforward and transparent process for existing holders. AGIX and OCEAN tokens will be converted at a rate of approximately 0.433 ASI per token.

With a total supply of 2.63055 billion ASI tokens, the fully diluted market cap at the time of the merger is expected to be around $6 billion. Initially scheduled for June 13, the merger has been postponed to July 15 to allow for further adjustments.


Conclusion


Nvidia's ascension to the top spot by market capitalization, surpassing industry giants Microsoft and Apple, underscores its dominant position in the tech world and reflects its significant influence on the broader market, including the cryptocurrency sector. This remarkable achievement has coincided with a notable rally in AI-based cryptocurrency tokens, such as Fetch.ai, SingularityNET, and Ocean Protocol. These tokens have experienced substantial gains, highlighting investor enthusiasm and confidence in the future potential of AI technologies integrated with blockchain.

The upcoming merger to form the Artificial Superintelligence Alliance (ASI) signifies a strategic move towards consolidating and democratizing AI assets within the crypto ecosystem. By combining multiple AI tokens into a unified ASI token, this alliance aims to create a more robust and transparent platform for AI development and investment. As Nvidia continues to lead in market valuation and AI tokens rise in response, the interplay between traditional tech giants and innovative blockchain-based AI projects points to a transformative shift in how technology and digital assets will evolve and interconnect in the coming years.


Read too : Crypto Investment Products See Largest Outflows Since March 2024


*Disclaimer:

This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.

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