Home Coin news Artificial Intelligence Tokens Market Cap Doubled in February

Artificial Intelligence Tokens Market Cap Doubled in February

23 Feb, 2024 Coin news

Artificial Intelligence Tokens Market Cap Doubled in February

Despite a broader market correction, numerous artificial intelligence (AI)-based crypto tokens and traditional stocks experienced positive growth on February 21.

Several popular AI-based crypto tokens saw significant gains, with their market cap doubling in just one month.

One notable performer, Render (RNDR), an Ethereum-based network facilitating decentralized graphics processing unit rendering, surged over 17% in the past 24 hours.

Similarly, The Graph, an indexing protocol for efficient blockchain data querying, rose by 18% during the same period.

Fetch.ai (FET) saw an 11% increase, while SingularityNet (AGIX) recorded an impressive 33% surge.

The total market cap of AI-based tokens expanded by over 9% to $17.8 billion following Nvidia’s quarterly earnings report, marking a substantial rise from $7 billion earlier in February.

The surge in trade volume for AI tokens coincided with OpenAI's announcement of its text-to-video tool, Sora, on February 15.

Many attributed the positive market growth of AI tokens to Nvidia's fourth-quarter earnings report, which exceeded market expectations.

Nvidia reported revenues of $22.1 billion, surpassing Wall Street's projected $20.4 billion, with its AI data center revenue quintupling in January compared to 2023.

Nvidia CEO Jensen Huang credited the increased sales and revenue to the global demand surge for generative AI.

With a market capitalization of $1.67 trillion, Nvidia surpassed Tesla as the world's most traded stock.

The positive momentum in Nvidia's AI businesses also impacted AI-focused stocks, with several reaching new highs.

Taiwan Semiconductor Manufacturing Company (TSMC), a key Nvidia supplier and the world's largest contract chipmaker, saw a 2.05% increase in morning hour trading on February 21.

Similarly, Super Micro Computer, a server component supplier, experienced an 11.42% rise in after-hours trading on February 20.

Additionally, Dutch chip equipment manufacturer ASML saw a 2.7% increase during after-hours trading.

Sources:

https://cointelegraph.com/news/ai-tokens-record-double-digit-gain

https://www.coingecko.com/en/categories/artificial-intelligence

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