NVIDIA Surpasses Microsoft as World’s Biggest Company, Pushes These AI Cryptos Into Rally

NVIDIA, the company largely viewed as Wall Street's poster child, now boasts the largest market capitalization in the world. It beat out Microsoft for the title, posting a roughly 3.5% increase in its share price over the past 24 hours.

The AI ​​breakthrough is behind NVIDIA's excellent performance

It goes without saying that NVIDIA stock has been on a boom throughout 2024. It began trading public at $49.24 on January 2nd and is currently up about 175%, closing yesterday's trading session at $135.58.

AI-powered applications, such as OpenAI's ChatGPT, have helped drive the chip market significantly in the past year.

NVIDIA is the leading chip maker as its chips are supposedly unparalleled in producing processors capable of running the AI ​​systems mentioned above.

However, it should be noted that the battle for the top spot of the most valuable company is ongoing 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 fuels AI crypto rally

As is often the case, positive performance on the traditional financial market also affects the performance of some cryptocurrencies, closely related to the AI ​​category.

In fact, according to CoinGecko, the entire AI category has increased by more than 12% in the past 24 hours alone.

like CryptoPotato According to the report, the best performers in this sector include some of the top AI cryptocurrencies such as Fetch.AI (up 28%), Ocean Protocol (up 23%), as well as SingularityNET (up 26%).

It will be interesting to see whether the AI ​​crypto rally will maintain its momentum or fade away, given the broader stagnation in the market.

The overall cryptocurrency market is trying to recover, but large-cap coins are failing to make any significant gains.