NVIDIA Overtakes Microsoft as World’s Largest Company, Pushes These AI Cryptographers to Rally

NVIDIA, the company that is widely perceived as the daughter of the Wall Street cartel, now has the largest market capitalization in the world. It overtook Microsoft for the title, posting a roughly 3.5% increase in its share price over the past 24 hours.

The AI ​​boom behind NVIDIA’s stellar performance

Needless to say, NVIDIA stock has held up throughout 2024. It started the year trading at $49.24 on January 2nd and is currently up 175%, closing yesterday’s trading session to $135.58.

Source: TradingView

AI-powered applications such as OpenAI’s ChatGPT have given the chip market a huge boost over the past year.

NVIDIA is the leading chip manufacturer, as their chips are supposedly unmatched in producing processors capable of powering the aforementioned AI systems.

It is worth noting, however, that the battle for the top spot of the most valuable company continues and the ranking is constantly changing. For example, Apple managed to become the largest company just a few days ago, on June 13.

NVIDIA Stock Performance Boosts AI Crypto Rally

As often happens, the positive performance in the traditional financial market also affects that of certain cryptocurrencies, which are closely related to the category of artificial intelligence.

In fact, according to CoinGecko, the entire AI category is up more than 12% in the last 24 hours alone.

As reported by CryptoPotato, industry top performers include some of the top AI cryptos like Fetch.AI (up 28%), Ocean Protocol (up 23%), and SingularityNET (up 26%).

Source: CoinGecko

It will be interesting to see if the AI ​​crypto rally will maintain its momentum or fizzle out, given the broader market stagnation.

The cryptocurrency market in general is trying to recover, but large-cap coins are not seeing any significant gains.

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