Key Points
- Top AI tokens recorded significant price drops in 24 hours, following Nvidia’s decline.
- Yesterday, Nvidia dropped by 9.5%, wiping almost $300 billion in market cap.
Top AI tokens recorded significant price drops, following a September 3 Nvidia plunge of 9.5% leading to losses of almost $300 billion off its market cap.
According to the latest reports from CoinGecko, the top AI tokens saw price declines between 3% and 9%.
NEAR Protocol (NEAR) saw a price drop of over 6% in the past 24 hours, now trading above $3.6, while Internet Computer (ICP) recorded a price decline of almost 7% today, trading at $7.2.
Artificial Superintelligence Alliance (FET) dropped by over 7% in the past 24 hours, now trading above $1. Akash Network (AKT) dropped by over 9% in price in the past 24 hours, now trading above $2.
Other important AI tokens recorded price losses over the past 24 hours, including Render (RENDER), which dropped by 5%, and Bittensor (TAO), which recorded a price loss of over 7%, according to CoinGecko data.
Yesterday, Nvidia saw a significant plunge of almost 10%, dragging chip stocks down to their worst day since March 2020, along with AI tokens.
Nvidia Lost Almost $300 Billion in Market Cap
According to reports from CNBC, Nvidia plunged by 9.5% on September 3, wiping almost $300 billion off its market cap, and pulling chip stocks down as well.
According to the same notes, Intel fell almost 8%, Marvell dropped by over 8%, and Broadcom lost approximately 6%, while AMD dropped by almost 8% and Qualcomm fell by 7%.
The VanEck Semiconductor ETF (SMH) was down 7.5% for the day, marking its worst drop since March 2020. This is an index that tracks semiconductor stocks.
Chip stocks have surged during the past year, based on optimism that the AI boom will require companies to buy more semiconductors and memory to keep up with the surging computational requirements for AI apps.
The sector was led by Nvidia which is still dominating the market for AI data center chips. According to the same reports from CNBC thre stock is still up by 118% this year.
Last week, Nvidia reported its Q2 earnings of $30 billion in revenue, higher than expected. However, contrary to previous hopes, the AI tokens sector stagnated following the results.
Also, according to the Reuters press agency, yesterday, the US DOJ sent a subpoena to Nvidia, citing the AI’s “heavyweight’s antitrust practices.”
