AI Tokens Dip Amid Underwhelming Apple AI Reveal at WWDC2024

AI Tokens Dip Amid Underwhelming Apple AI Reveal at WWDC2024

Artificial intelligence (AI)-linked cryptocurrencies experienced a notable downturn on Monday as tech giant Apple (AAPL) failed to excite traders with its highly-anticipated annual developers event.

Over the past 24 hours, native tokens of Render (RNDR), Fetch.ai (FET), and SingularityNET (AGIX) saw declines ranging from 3% to 5%. Meanwhile, Bittensor’s TAO plunged nearly 6%, and Layer-1 network Near Protocol (NEAR) dropped by 3.2%.

The CoinDesk Computing Index, which tracks tokens with AI-related utilities, emerged as one of the worst-performing sectors among digital assets. It shed 2.5% of its market value during the day, underperforming both bitcoin (BTC) and the broader digital asset benchmark, the CoinDesk 20 Index.

This decline occurred amidst high expectations for Apple’s reveal of its AI strategy and the integration of artificial intelligence into its products at the Apple Worldwide Developers Conference (WWDC2024). On Monday, Apple introduced Apple Intelligence, a suite of AI features for iPhones, Macs, and other devices, and announced a partnership with Sam Altman’s OpenAI to incorporate ChatGPT into Apple software.

Despite these announcements, Apple shares closed the trading session down nearly 2%, even as key U.S. equity indexes posted slight gains.