Artificial Intelligence tokens FET, TAO, RENDER, and NEAR recorded double-digit gains as NVidia, the world’s largest chip maker surpassed Apple in market valuation.
AI tech giant Nvidia reclaimed its position as the world’s largest company, with its shares climbing by 2.84%, surpassing major tech competitors Apple and Microsoft.
Nvidia’s market cap stood at $3.43 trillion when writing while Apple and Microsoft stood at $3.38 trillion and $3.06 trillion respectively.
Nvidia has seen its stock rise by more than 190% this year, almost tripling on the strength of rapid sales growth and continued investment in generative AI and accelerated computing technologies. In the past month alone, Nvidia stock has also risen over 9.5%, currently trading at $139.91 per data from Google Finance.
NVIDIA’s success stems largely from its role as the backbone of the AI revolution, particularly with its advanced GPUs, such as the H100 and upcoming H200 series, powering machine learning and generative AI applications across industries. These GPUs have become essential infrastructure for AI training, making NVIDIA indispensable to tech companies and institutions investing in AI.
Following Nvidia’s latest feat, several AI-focused cryptocurrencies surged, mirroring a recurring trend where major developments involving the chip maker have sparked bullish rallies in the AI-crypto market.
As previously reported by crypto.news, several of these tokens posted gains in September after Nvidia announced a partnership with Chinese tech giant Alibaba Cloud. Similarly, Clore AI, a blockchain-based project looking to capture the GPU leasing market, was seen riding the Nvidia rally earlier this month.
This time around, FET, the native token of the Artificial Superintelligence Alliance, rose by 21.8% over the past day—a reversal after seven days of declining prices—boosting its market cap to $3.65 billion.
Bittensor (TAO), a decentralized AI platform, surged 19.4%, returning to price levels last seen on Oct. 30, with its market cap reaching a valuation of $3.76 billion. Other AI tokens such as Render (RENDER), NEAR Protocol (NEAR), The Graph (GRT), and Akash Network (AKT) saw gains of 13.6%, 13.8%, 11.6% and 9.5% respectively.
The recent surge in AI tokens has pushed their total market cap to $28.5 billion, up 16.8% over the previous day per data from CoinGecko.
AI crypto tokens could be looking at more gains as NVIDIA is set to hit a major milestone by replacing Intel in the Dow Jones Industrial Average, ending the rival chip manufacturer’s 25-year run on the stock market index on Nov. 8.
Besides the NVIDIA-fueled rally, Bitcoin’s (BTC) recent all-time high of $75,358 has injected fresh momentum into the crypto market, amplifying gains across AI-focused tokens and reinforcing the sector’s upward trajectory.