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AI-Linked Crypto Tokens Underperform as Apple Event Fails to Impress Traders
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Apple shares fell nearly 2% as the tech giant unveiled its artificial intelligence plans at its annual developer event.
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The rout rippled through AI-adjacent cryptocurrencies, which underperformed the broader digital asset market.
Artificial intelligence (AI) cryptocurrencies tumbled on Monday as tech giant Apple’s (AAPL) highly anticipated annual developer event failed to inspire traders.
Native Render Tokens (RNDR), Recover.ai (FET) and SingularityNET (AGIX) decreased by 3%-5% in the last 24 hours, while that of Bittensor TAO in the same period it fell by almost 6%. The Layer-1 Near Protocol {{NEAR}} network also fell 3.2%.
THE CoinDesk Processing Indexwhich includes tokens with AI-related utilities, was one of the worst-performing sectors among digital assets, losing 2.5% in market value on the day and underperforming bitcoin {{BTC}} and the broader digital asset benchmark CoinDesk 20 Index.
CoinDesk Market Index Sector Performance (CoinDesk)
The decline came as there were high expectations for the tech giant to reveal its AI plans and how it would integrate AI into its offerings at this week’s Apple Worldwide Developers Conference (WWDC2024). The feat on Monday announced Apple Intelligence, a suite of AI capabilities for iPhone, Mac and other EA products Association with Sam Altman’s OpenAI to integrate ChatGPT into Apple software.
Apple shares, however, closed the trading session down nearly 2%, despite slight gains in the major U.S. stock indexes.