Key Points
- AI tokens sector surged by almost 18% in the past 24 hours amidst the US elections.
- Trump’s victory is seen as a huge win for Elon Musk’s Tesla and AI initiatives.
The Artificial Intelligence tokens sector recorded an impressive surge in the past 24 hours. The top AI tokens by market cap sector surged by almost 18%, amidst the US elections.
Donald Trump’s victory in the US is seen as a massive win for Elon Musk’s Tesla, and AI initiatives. Musk should start working with Trump, according to the Republican US President’s previous promises.
AI Tokens Sector Surges
The AI tokens sector has a market cap of almost $29 billion, according to data from CoinGecko. The 24-hour trading volume surpassed $3.6 billion with tokens including NEAR Protocol, Grass and Bittensor trending.
The largest gainers in the AI token sector, including Vectorspace AI, up by over 46% today, AIT Protocol, up by over 35%, and Argocoin, up by over 31% today.
Other important AI gainers include FET which surged by 18% in 24 hours, ARKM, recording a price rise of $26%, and OCEAN which saw a price rise of over 18% in the last 24 hours, data from CoinGecko shows.
The AI tokens market surge is related to Trump’s victory in the 2024 US Presidential elections.
Trump’s Victory – A Win for Elon Musk, Tesla and AI Initiatives
Under Trump’s second term, the technology sector should be the primary beneficiary with Elon Musk and Tesla among the biggest winners, according to Wedbush in a research note mentioned on X. Wedbush Securities is a leading wealth management, brokerage, and advisory firm.
Musk should take the lead of the Department of Government Efficiency under the second Trump term as previously promised this year during an X spaces interview with Musk.
According to analysts at Wedbush, while EV (electric vehicle) rebates/tax incentives could get pulled, Tesla’s size and scope should give Musk and the company a clear advantage in a nonEV subsidy environment.
Tesla shares are up by over 3.5% today and over 36% in the past six months.
Wedbush also reportedly expects AI to benefit players including Microsoft, Amazon, and Google and AI initiatives within the Department of Defence that can boost Palantir, data analytics and software company,
