Following Apple’s annual developer conference, which did not generate the expected hype around AI, investors in cryptocurrencies tied to AI experienced losses. In the past day, tokens associated with projects such as Render, Fetch.ai, and SingularityNET experienced a decline of 3% to 5%, despite the overall cryptocurrency market remaining stable.
This decline happened in spite of expectations that during the Worldwide Developers Conference (WWDC 2024), Apple (AAPL) would reveal revolutionary advances in artificial intelligence. Investors were not impressed by the tech giant’s unveiling of “Apple Intelligence,” a package of AI features for its products and a partnership to incorporate OpenAI’s ChatGPT. Analysts surmise that investors sought information about Apple’s intentions to use AI for game-changing innovations or whole new product categories.
The disappointment was not limited to specific tokens. One of the worst-performing areas of the digital asset market, the CoinDesk Computing Index, which tracks cryptocurrencies tied to artificial intelligence, fell 2.5% during the day. This performed worse than the CoinDesk 20 Index as a whole as well as Bitcoin.
Despite a rising stock market, Apple’s stock price also declined, indicating a disappointing day for both Apple stockholders and investors in AI cryptocurrencies. This begs the issue of whether AI-powered cryptocurrencies will survive in the near future. That may depend on whether Apple or other tech giants can produce the kind of ground-breaking AI innovations that investors are waiting for.
According to a recent Bloomberg story, talks between Apple and Google (NASDAQ: GOOGL) are taking place on the possible integration of Google’s cutting-edge artificial intelligence technology, Gemini, into iPhones. With this change, iPhones will have access to a greater range of AI-powered features.
The initial article on Coin Edition read, “Apple’s WWDC Disappoints, Drags Down AI Crypto Prices.”
