AI Tokens FET, TAO, RENDER, and NEAR Recorded Double-Digit Gains as NVidia Surpassed Apple in Market Valuation

AI tech giant Nvidia reclaimed its position as the world's largest company, with its shares climbing by 2.84%, surpassing major tech competitors Apple and Microsoft.

Artificial Intelligence (AI) tokens, such as FET, TAO, RENDER, and NEAR, experienced substantial gains on Monday, coinciding with the announcement of Nvidia surpassing Apple in market valuation. These tokens recorded double-digit increases in response to this news.

According to recent updates, AI tech giant Nvidia has regained its position as the world's largest company, with its shares witnessing a rise of 2.84%. This surge propelled Nvidia past major tech rivals Apple and Microsoft in terms of market valuation.

At the time of writing, Nvidia's market cap stood at $3.43 trillion, compared to Apple's $3.38 trillion and Microsoft's $3.06 trillion.

This year, Nvidia stock has seen a remarkable surge of over 190%, nearly tripling on the strength of rapid sales growth and continued investment in generative AI and accelerated computing technologies. According to data from Google Finance, Nvidia stock rose over 9.5% in the past month, currently trading at $139.91.

Nvidia's success is largely attributed to its role as the backbone of the AI revolution, particularly with its advanced GPUs, such as the H100 and upcoming H200 series, powering machine learning and generative AI applications across industries. These GPUs have become essential infrastructure for AI training, making Nvidia indispensable to tech companies and institutions investing in AI.

Following Nvidia's latest achievement, several AI-focused cryptocurrencies surged, mirroring a recurring trend where major developments involving the chip maker sparked bullish rallies in the AI-crypto market.

As previously reported by crypto.news, several of these tokens posted gains in September after Nvidia announced a partnership with Chinese tech giant Alibaba Cloud. Similarly, Clore AI, a blockchain-based project aiming to capture the GPU leasing market, was seen riding the Nvidia rally earlier this month.

This time, FET, the native token of the Artificial Superintelligence Alliance, saw a surge of 21.8% over the past day, reversing seven days of declining prices and boosting its market cap to $3.65 billion.

Bittensor (TAO), a decentralized AI platform, surged 19.4%, returning to price levels last seen on Oct. 30, with its market cap reaching a valuation of $3.76 billion. Other AI tokens such as Render (RENDER), NEAR Protocol (NEAR), The Graph (GRT), and Akash Network (AKT) saw gains of 13.6%, 13.8%, 11.6% and 9.5% respectively.

According to data from CoinGecko, the recent surge in AI tokens pushed their total market cap to $28.5 billion, up 16.8% over the previous day.

As Nvidia is set to hit a major milestone by replacing Intel in the Dow Jones Industrial Average on Nov. 8, ending the rival chip manufacturer's 25-year run on the stock market index, AI crypto tokens could be looking at more gains.

Moreover, Bitcoin's (BTC) recent all-time high of $75,358 has injected fresh momentum into the crypto market, amplifying gains across AI-focused tokens and bolstering the sector's upward trajectory.

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