Nvidia Stock Down, AI Crypto Tokens Surge
Nvidia Stock Down– Nvidia’s stock has faced a significant decline over the past three trading days, losing over $430 billion in market capitalization and dropping 13% from its peak. Despite this sharp downturn, AI crypto tokens have experienced notable surges in the last 24 hours.
AI Tokens Surge Amid Nvidia’s Sharp Decline
Crypto traders often look to Nvidia as a significant indicator for the AI cryptocurrency market. Historically, there have been instances where Nvidia’s performance mirrored trends in AI crypto tokens, such as during its Q4 2023 earnings report. However, this correlation did not hold in the latest evaluation.
Over the past five trading days, Nvidia’s stock has dropped by 11.16%, currently trading at $118.11 according to Google Finance data. Monday witnessed the company’s second steepest decline of the year, with a 6.7% fall. Despite this recent setback, Nvidia’s value has nearly tripled over the past year. Just last week, it briefly surpassed Apple and Microsoft to become the most valuable U.S. company. However, Ycharts data reveals that Nvidia’s market cap has since decreased by $430 billion, slipping from $3.3 trillion to $2.9 trillion, causing it to lose its top position.
Despite Nvidia, a leading figure in Artificial Intelligence Computing, experiencing a significant drop in its stock prices, AI crypto tokens have shown impressive resilience and growth in recent hours. The overall market cap for Artificial Intelligence tokens now stands at just over $29 billion, reflecting an 8.7% increase in the last 24 hours.
Major players such as Near Protocol, Fetch.ai, Internet Computer, Render, and The Graph have seen substantial gains, with increases ranging from 3% to 25%. During this period, the biggest gainers have been Nosana and Commune AI, which have surged by 37% and 35%, respectively, even though they have mid-to-low market capitalizations.
Absence of Negative Developments
Despite Nvidia’s stock decline, which wasn’t linked to any major negative news or triggers, concerns have surfaced regarding significant share sales by President Jensen Huang and other executives. Since June 13, Huang has sold $79.38 million worth of Nvidia stock, according to a June 21 SEC filing, sparking considerable interest. Global Market Insider recently highlighted that Nvidia executives are selling shares at their fastest pace on record. Barchart also reported that Nvidia executives have collectively sold shares amounting to $796 million so far this year.
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