Nvidia’s stock has experienced a significant decline over the past three trading days, resulting in a loss of over $430 billion in market capitalization and a 13% drop from its peak. However, popular AI crypto tokens have shown remarkable resilience, surging double digits in the last 24 hours.
Nvidia’s Stock Plunge
Nvidia’s stock price has dropped by 11.16% over the past five trading days, currently trading at $118.11 according to Google Finance data. This marks the chipmaker’s second steepest drop this year, with a 6.7% fall on Monday. Despite this downturn, Nvidia’s value has nearly tripled over the past year, briefly surpassing Apple and Microsoft to become the most valuable U.S. company. However, Ycharts data reveals that Nvidia’s market cap has decreased by $430 billion, falling from $3.3 trillion to $2.9 trillion, losing its top position.
AI Tokens Rally
Despite Nvidia’s decline, AI crypto tokens have shown steady increases in the past 24 hours. The AI market cap is currently over $29 billion, reflecting an 8.7% change. Top players such as Near Protocol, Fetch.ai, Internet Computer, Render, and The Graph have recorded gains ranging from 3% to 25%. Nosana and Commune AI, despite their mid-to-low market capitalizations, have seen the largest increases, with gains of 37% and 35%, respectively.
No Negative News Impact
Nvidia’s stock fall did not coincide with any significant negative news or catalysts. However, concerns have arisen over President Jensen Huang and other executives selling a substantial amount of shares recently. Since June 13, Huang has liquidated $79.38 million worth of Nvidia stock, as reported in a June 21 SEC filing. Nvidia executives are selling shares at an unprecedented pace, with collective sales totaling $796 million throughout the year, according to Barchart.
Despite these sales, analysts like Oguz O have suggested that most of these transactions were pre-planned and not cause for alarm.
