AI tokens on the rise as Nvidia denies subpoena reports
Following Nvidia's clarification on not receiving an antitrust subpoena from the Department of Justice (DOJ), several AI-focused cryptocurrencies have experienced a rebound.
Noteworthy AI cryptocurrencies including Near Protocol (NEAR), Render (RENDER), and Internet Computer (ICP) witnessed over a 5% increase in their value within the span of 24 hours, offsetting the prior day's decline, as per CoinMarketCap's findings.
Injective (INJ) demonstrated a remarkable recovery, escalating by 14% in the same timeframe. This upturn came after a sharp drop from approximately $17.3 to $15.3 following the unfounded Nvidia antitrust subpoena reports, rebounding to $17.5 post Nvidia's rebuttal.
In addition, Bittensor (TAO) and Artificial Superintelligence Alliance (ASI) managed to claw back with increases of 3.8% and 1.4% respectively, after being significantly impacted the day before.
However, despite this recovery, most AI-focused digital assets still reflect a net loss over the past week amid broader market downturns.
Nvidia's stock (NVDA) too witnessed a modest uplift, according to Google Finance. The stock had previously plummeted by 9.5%, wiping out approximately $278 billion from its market valuation, following a report on Tuesday suggesting that Nvidia was subject to DOJ antitrust subpoenas concerning an active investigation.
The underlying motive behind the speculated investigation remains vague, yet Nvidia's commanding presence in the AI chip marketplace, capturing over 80% market share, is suspected to be a contributor. Until recently, competitors such as AMD and Intel hadn't posed significant challenges to Nvidia's dominance.
On Wednesday, Nvidia publicly refuted the rumors about receiving any antitrust subpoenas from the DOJ.
Nvidia insists its market leadership stems from the unmatched quality of its offerings and their value to consumers, emphasizing that customers retain the autonomy to select the optimal solutions for their requirements.
