Riding on the artificial intelligence (AI) wave, NVIDIA’s stock is currently trading at its all-time high level. This growth has been driven by the demand for chips from companies looking to capitalize on the AI trend. In response to this, AI tokens have seen significant demand in the cryptocurrency market over the last few months. However, it is yet to be seen how much of this interest is genuine. It is likely that products related to AI technology will remain popular for the foreseeable future.
Two AI tokens have seen particularly significant value growth this year; Render (RNDR) and SingularityNET (AGIX). This increase in value has been due to the widespread popularity of ChatGPT. As is often the case with altcoins, the popularity of crypto projects is often linked to the development and adoption of the project.
The NVIDIA stock reaching the $1 trillion mark has generated much discussion. Steven Ehrlich, director of research, Digital Assets, said the success of Render and SingularityNET indicates the excitement surrounding AI. He does not believe that the AI trend will necessarily translate into a high demand for AI crypto tokens, as AI is computationally intensive and crypto is very inefficient in terms of computing power.
Whenever news breaks regarding AI, AI tokens see a surge in demand. The SingularityNET developers are aiming to create Artificial General Intelligence (AGI) with high-end capabilities, while the Render network provides a decentralized GPU-based network for 3D assets.
