AI Cryptocurrencies Drop as Apple’s AI Focus Fails to Impress

Prices of AI-linked crypto tokens like Render (RNDR) and Fetch.ai (FET) fell after Apple’s WWDC failed to deliver groundbreaking AI announcements.

Artificial intelligence (AI)-powered cryptocurrencies took a hit on Monday after tech giant Apple’s (AAPL) annual developers conference failed to excite investors.

Tokens associated with projects like Render (RNDR), Fetch.ai (FET), and SingularityNET (AGIX) saw price declines between 3% and 5% over the past 24 hours. Bittensor’s token (TAO) fared even worse, dropping nearly 6%. Even the Layer-1 network Near Protocol (NEAR) wasn’t spared, experiencing a 3.2% decrease.

The CoinDesk Computing Index, which tracks tokens with AI functionalities, mirrored this slump. It was one of the worst-performing sectors within the digital asset market, losing 2.5% of its value. This underperformance extended to Bitcoin (BTC) and the broader CoinDesk 20 Index.

Leading up to the Apple Worldwide Developers Conference (WWDC2024), anticipation was high for the company to unveil its roadmap for AI integration across its products. While Apple did announce “Apple Intelligence,” a suite of AI features for its devices, and a partnership with OpenAI to incorporate ChatGPT, these announcements seemingly fell short of investor expectations.

Adding to the disappointment, Apple shares themselves closed the trading session down nearly 2%, despite gains in major U.S. stock indexes.

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