Nvidia’s big drop ushers correction in AI tokens, NVDA wipes out $220 billion in market capitalization

Nvidia wiped out $220 billion in market cap on Friday, the chipmaker dropped to third most valuable firm behind Microsoft and Apple. The correction in the tech giant’s stock was followed by AI tokens extending their losses, NEAR, FET, RNDR, GRT, TAO were hit. Fetch.ai, Render, The Graph holders realized losses during the recent correction in AI tokens. Chipmaking Artificial Intelligence giant Nvidia took a hit on its valuation on Friday.

Other developments include the upcoming merger of the Fetch.ai, Ocean Protocol and SingularityNET, into ASI token . News of technology giant Apple’s decision to hold off AI tech in the European Union countries, citing regulatory concerns, is another notable development. Is the AI narrative dethroned? Crypto influencer behind the X handle @CredibleCrypto notes that the narrative of the “AI supercycle” could end soon.

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Scale AI Raises A Billion, New AI Startup H, $220 Million, Suno AI, $125 MillionCharlie Fink is a consultant, columnist, author, and adjunct, covering AI, XR, and the Metaverse for Forbes. He is the author of the critically acclaimed AR-enabled books Charlie Fink’s Metaverse (2017), and Convergence, How The World Will Be Painted With Data (2019).
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