NVIDIA CEO Jensen Huang Restores Confidence in the AI Sector, Will AI Cryptocurrencies Share the Sentiment?

• The NVIDIA CEO has affirmed that AI will run on software and tools.
• AI cryptocurrencies have demonstrated mixed reactions.
• Overall, the crypto market is down over the last 24 hours.

Jensen Huang, NVIDIA CEO, has emphasized that AI would co-exist with current technology. Thereby restoring confidence of the market amid an increasing selloff. AI cryptocurrencies are currently down, but they could reverse the trend in the days to come. Overall, the crypto market remains sluggish as multiple macro factors enter the picture.

NVIDIA CEO on AI

NVIDIA chief Jensen Huang has dismissed concerns around the replacement of current software and tools by Artificial Intelligence, or AI. He called the idea illogical and clarified that, if anything, AI would continue using the tools and software used to create it.

Jensen further clarified that the latest breakthroughs in the sector entail usage of tools which are designed to be explicit, as reported by Reuters. NVIDIA’s chief’s statement comes at a time when stocks in India, Japan, & China plunged and recorded a hit in their respective value.

NIFTYIT dropped 6.3%, CSI Software Services Index lost 3%, and Japan’s Recruit Holdings fell by 9% while Nomura Research plunged by 8%. Also, at a time when Nvidia closed its Nasdaq at $180.34, down by 2.84%.

Mixed Reactions by AI Cryptocurrencies

AI cryptocurrencies have, so far, responded with mixed reactions. For instance, the leading AI token in terms of market cap, TAO, has lost almost 1.26% over the last 24 hours. NEAR, second on the list, has shed around 0.56% of its value during the same timeline. However, ICP and FIL have gained 1.73% and 1.54%, respectively.

The collective market cap has surged by 0.54% to $15.20 billion, and the 24-hour volume has jumped by 41.08% to $3.81 billion. All the values of AI cryptocurrencies are true at the time of writing this article.

Projections and Overall Crypto Market

TAO, for one, is estimated to have a 24.96% correction in the next month. This could take its value to around $145.28 amid a very high volatility of 12.15%. Similarly, NEAR has a high volatility of 12.10% but carries a bullish monthly upswing sentiment of 30.11% to approximately $1.56.

The crypto market, in general, is experiencing a sluggish run as most of the tokens are recording downturns in their respective values. BTC, a flagship crypto, has itself declined by 2.62% in the last 24 hours. The collective market cap of the segment is down by 2.06% to $2.58 trillion.

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