AI coins surge as Nvidia hits $3.43T market cap

Nvidia has surpassed Apple as the largest global company by market cap, reaching $3.43 trillion, driven by rising demand for AI technology.

This shift has propelled the growth of several AI-related cryptocurrencies, including NEAR Protocol (CRYPTO:NEAR), Internet Computer (CRYPTO:ICP), and Bittensor (CRYPTO:TAO), as investors increasingly focus on AI’s role in financial markets.

Nvidia’s dominance reflects its critical role in AI, with its chips powering advanced AI systems used by major tech companies like Microsoft, Alphabet, Amazon, and Meta.

According to Fall Ainina, director of research at James Investment Research, Nvidia’s growth underscores investor expectations for continued advancements in AI.

Nvidia's shares have surged over 850% since late 2022, reflecting Wall Street’s optimism.

The company’s influence is substantial, now comprising 7% of the SP 500 and contributing to a significant portion of the index’s annual gains.

Nvidia’s success has resonated within the cryptocurrency market, leading to significant increases in AI-themed tokens.

NEAR Protocol, an AI-integrated blockchain, rose 5.46% to $3.81, trading $222 million in volume within 24 hours.

Internet Computer (ICP) increased by 4.99%, reaching $7.37 with a $57 million trading volume, while Bittensor (TAO) gained 14.65%, trading at $482.41.

Other AI tokens like Artificial Superintelligence Alliance and Injective also recorded gains, rising 10.96% and 6.26%, respectively.

Analysts suggest that the rise in AI-focused stocks and cryptocurrencies could continue as AI adoption grows across industries.

Nvidia’s influence extends beyond traditional tech, with its performance boosting AI-related sectors in crypto markets as well.

Nvidia’s growth, however, faces challenges, including a review by the European Commission on its proposed $700 million acquisition of Israeli AI startup Run Labs Ltd.