Tech
Here’s How Apple Destroys AI Tokens!
11.30am ▪ 3 minute read ▪ by Eddy S.
On June 10, 2024, Apple’s annual developer event took an unexpected turn for the cryptocurrency world. The highly anticipated AI announcements, including ChatGPT integration, left investors unimpressed. As a result, AI-related cryptocurrencies have seen a sharp decline, demonstrating the complex relationship between traditional technology and cryptocurrency.
Apple Intelligence: a disappointment for cryptocurrency investors
Apple unveiled its personal intelligence system, Apple Intelligence, promising the integration of powerful generative models with personal context. However, this announcement failed to attract investors. In fact, Apple’s stock fell nearly 2%. As a result, AI-related cryptocurrencies have felt the ripple effect.
Native tokens Render (RNDR), Fetch.ai (FET), and SingularityNET (AGIX) fell 3% to 5%. Additionally, the Bittensor (TAO) token fell by almost 6%. This reaction demonstrates the sensitivity of the cryptocurrency market technological advances from giants like Apple.
ChatGPT Integration: A Shot in the Dark?
Apple’s announcement of its partnership with OpenAI to integrate ChatGPT into iOS, iPadOS and macOS also disappointed. Despite the revolutionary potential of this integration, cryptocurrencies have not reacted positively. Near Protocol (NEAR), an AI-focused blockchain network, fell 3.2%.
This decline highlights a disconnect between the enthusiasm for AI in mainstream technology and its impact on the cryptocurrency market. Furthermore, confirmation of the partnership by Greg Brockman, co-founder of OpenAI, has failed to reverse the trend.
Hope for AI Cryptocurrencies?
Despite the collapse, the history of cryptocurrencies shows resilience in the face of technological shocks. In 2022-2023, skeptics predicted the end of cryptocurrencies with artificial intelligence. However, Render and Fetch.ai have adapted.
Additionally, the phased rollout of Apple Intelligence through 2025 offers an opportunity. Bittensor could refine its decentralized AI to complement Apple’s. Render could optimize the graphics rendering for future Apple users. This potential synergy between AI cryptocurrencies and tech giants gives hope for a token rebound.
The reaction of AI-based cryptocurrencies to Apple’s event reveals the complexity of their relationship with traditional technology. The decline of tokens like Render, Fetch.ai and Bittensor shows that even the biggest announcements can disappoint. However, the 2025 horizon for the full implementation of Apple Intelligence and ChatGPT gives hope for a better future for AI cryptocurrenciesprovided they demonstrate their value in this evolving ecosystem.
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Eddy S.
The world has evolved and adaptation is the best weapon to survive in this wavering universe. The crypto community manager at the base interests me in everything that touches or comes close to the blockchain and its derivatives. With a view to sharing my experience and getting to know a domain that I am passionate about, I am the one who writes informative and décontractés a la fois articles.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.