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On Tuesday, Nvidia, the American manufacturer of graphics processing units (GPUs), surpassed technology giants Microsoft and Apple as the most valuable company. This surge in Nvidia’s market capitalization has sparked a rally in AI-themed cryptocurrencies. AI Tokens Rally as Nvidia Tops Tech Giants According to the latest data, Nvidia’s stock (NVDA) price is now $135.58, with a market capitalization of $3.33 trillion. Meanwhile, Microsoft and Apple have market capitalizations of $3.31 trillion and $3.28 trillion, respectively. Read more: 9 Best Artificial Intelligence Stocks To Buy in 2024 Nvidia Market Capitalization. Source: CompaniesMarketCap The key driver of this growth is the demand for artificial intelligence (AI) products, which have become increasingly integral across various industries since 2023. Nvidia’s Q1 2024 earnings report shows that its data center category saw a 427% increase in revenue to $22.56 billion. This category includes AI chips and components for AI servers. Nvidia’s success has also impacted the crypto market. Major AI-themed cryptocurrencies, including Fetch.AI (FET) and Render (RNDR), have substantially increased in the last 24 hours.  FET’s price has increased by 16.3%, now valued at $1.33. Meanwhile, RNDR has seen a 10.3% rise, currently trading at $7.75. Additionally, data from the on-chain analytic tool Santiment shows that RNDR has experienced a 33.33% increase in social volume changes during this period. FET Price Performance. Source: BeInCrypto In the longer term, Nvidia’s influence on the AI and crypto sectors is expected to be profound. A report by asset manager Bitwise highlights how the AI boom has significantly impacted data centers, creating a shortage of AI chips and access to electricity.  Bitcoin miners, equipped with powerful chips and advanced cooling systems, provide the necessary infrastructure for AI companies. As a leading manufacturer of AI chips and GPUs for crypto mining, Nvidia can gain considerably from the increasing demand. Greg…

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Filed under: News - @ June 19, 2024 6:20 pm