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Nvidia’s stock has hit a six-week high, triggering sharp rallies in AI tokens NEAR, TAO, and FET. Analysts expect the bullish trend to continue as Nvidia unveils more AI advancements at its summit.
Nvidia Stock Climbs as AI Coins Surge
Coins associated with artificial intelligence (AI) have risen in value alongside Nvidia's NVDA stock. Near Protocol (NEAR) and Bittensor (TAO), two of the leading AI currencies, have had price increases of more than 7% and 8%, respectively, over the past day.
Additionally, FET, the coin of the Artificial Superintelligence Alliance, has had a rally of about 4% in the past day. Among the AI coins that have experienced a price gain of more than 3% over this period, Injective (INJ) is also among them.
NEAR, TAO, and FET Benefit from Nvidia's Six-Week High
Along with Nvidia stock, which reached a six-week high today, these coins have surged. Per Coingape's reporting, NVDA had its best daily performance in the past six weeks today, rising as high as $130, according to Nasdaq data. Recent positive developments for the IT behemoth have caused the stock to rise.
The Blackwell AI chip from Nvidia is seeing "instance" demand, according to CEO Jensen Huang. At the same time, the business teamed up with IT consultancy behemoth Accenture to encourage businesses to use AI more widely.
Nvidia AI Summit Expected to Push AI Coins Higher
At least for the time being, AI coins are anticipated to continue their surging due to Nvidia's ongoing AI summit. There will be positive momentum for Nvidia Stock if the company makes announcements that change the game. As NVDA stock rallies, these AI tokens will also experience huge price gains due to their strong positive correlation with the stock.
Meta and Open AI are just two of the AI businesses making waves in the industry right now, thus the narrative around AI is also trending. Meta has just released a new AI model to take on competitors' tools, such as Open AI by Sam Altman. Open AI, meanwhile, has a valuation of $157 billion and just raised $6.6 billion.
AI Companies Like Meta and Open AI Boost Industry Momentum
As a result, prominent AI businesses like Meta, Open AI, and Nvidia will propel the AI sector forward, driving up the value of AI coins.
In addition, certain tokens, notably Bittensor, have positive fundamentals that will still cause price increases. As of today, TAO accounts for 29.55 percent of Grayscale's AI fund, according to the AI search site Kaito AI.
