NVIDIA, the company that’s largely perceived as Wall Street’s poster child, now boasts the largest market capitalization in the world. It surpassed Microsoft for the title, charting an increase of around 3.5% in its stock price over the past 24 hours.
The AI Boom Behind NVIDIA’s Stellar Performance
It goes without saying that NVIDIA stock has been on a roll throughout 2024. It started the year trading at $49.24 on January 2nd and is currently up by some 175%, closing yesterday’s trading session at $135.58.
Applications powered by artificial intelligence, such as OpenAI’s ChatGPT, have driven the market for chips tremendously in the past year.
NVIDIA is the leading chipmaker as its chips are supposedly unmatched in producing processors that are able to power the abovementioned AI systems.
It’s worth noting, though, that the battle for the top spot of the most valuable company is ongoing and the ranking changes constantly. For example, Apple managed to become the biggest company just a few days ago – on June 13th.
NVIDIA Stock Performance Boosts AI Crypto Rally
As it’s oftentimes the case, positive performance in the traditional financial market also impacts that of certain cryptocurrencies, tightly related to the artificial intelligence category.
In fact, according to CoinGecko, the entire AI category has increased by more than 12% in the past 24 hours alone.
CryptoPotato reported, top performers from the sector include some of the top AI cryptos such as Fetch.AI (up 28%), Ocean Protocol (up 23%), as well as SingularityNET (up 26%).
It’s interesting to see if the AI crypto rally will retain its momentum or if it will fade, given the broader market stagnation.
The cryptocurrency market, in general, is attempting to recover but the large-cap coins are failing to note any sizeable gains.
