Nvidia Taking On Apple Sparks AI Crypto Token Surge On US Election Result Day

In the 24 hours leading up to Donald Trump’s win in the US elections, there was a significant surge in AI crypto tokens like TAO as per CoinMarketCap data. This is due to Nvidia surpassing Apple in market cap.

The prices of AI crypto tokens like Bittensor (TAO), and Artificial Super Intelligence Alliance (FET) gained 19.21% and 17.21% respectively to touch $512.99 and $1.37 respectively. While, Near Protocol (NEAR) rose to $4.11 in the last 24 hours, a 10% intraday growth, another AI token Internet Computer (ICP) surged 6.53%.

Experts say that this spike in AI tokens’ performance in the last 2 days is largely due to the success of Nvidia over Apple as seen in the market capitalization of the former gaining 180% on a year-on-year basis to reach $3.43 trillion. Earlier in June, the AI chipmaker beat Apple’s market cap but that lasted only for a day. However, it gave a preview of the tech giant’s potential for sustained gains, and its effect on the crypto market.

The growth in Nvidia is attributed to its AI infrastructure which sparked a rise in its share of over 850% since 2023 beginning. The tech giants specialize in crypto mining along with making GPUs for gaming and chips for robotics, vehicles and other industries. A major share of Nvidia’s revenue comes from the computing and networking segment of the company which also includes AI.