Coin Edition -
- AI announcements at WWDC2024 failed to impress investors.
- Tokens linked to Render, Fetch.ai etc. dropped 3-5% despite flat crypto market.
- AI crypto index underperformed, Apple stock price fell.
Investors in AI-linked cryptocurrencies saw losses after Apple’s annual developer conference failed to deliver the anticipated AI buzz. Tokens connected to projects like Render, Fetch.ai, and SingularityNET dropped between 3% and 5% in the last day, even as the broader crypto market remained flat.
This slump occurred despite anticipation that Apple (AAPL) would unveil groundbreaking AI advancements at the Worldwide Developers Conference (WWDC2024). While the tech giant did announce “Apple Intelligence,” a suite of AI features for its devices, and a partnership to integrate OpenAI’s ChatGPT, these announcements underwhelmed investors. Analysts speculate investors were looking for details on how Apple planned to leverage AI for transformative features or entirely new product categories.
The disappointment extended beyond individual tokens. The CoinDesk Computing Index, which tracks AI-related cryptocurrencies, was one of the worst-performing sectors in the digital asset market, dropping 2.5% on the day. This underperformed both Bitcoin and the broader CoinDesk 20 Index.
With Apple’s stock price also falling despite a positive stock market, the day signaled disappointment for both AI crypto investors and Apple shareholders. This raises questions about the near-term future of AI-powered cryptocurrencies, which may depend on whether Apple or other tech giants can deliver the kind of groundbreaking AI advancements that investors crave.
A recent Bloomberg report revealed that negotiations are underway between Apple and Google for the potential incorporation of Google’s advanced AI technology, Gemini, into iPhones. This move aims to equip iPhones with a wider range of functionalities powered by AI.
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