NEAR, FET, TAO surge following Alibaba, Nvidia partnership

Artificial intelligence-related cryptocurrencies have recorded impressive gains after Nvidia teamed up with Alibaba.

According to data provided by CoinGecko, AI tokens recorded a 5.9% surge over the past day. Their cumulative market cap is currently sitting at $28.9 billion with a daily trading volume of $2.77 billion. 

NEAR Protocol (NEAR) is leading the category with a $5.3 billion market cap after its 9.3% rise in the past 24 hours. NEAR is currently trading at $4.85. 

Artificial Superintelligence Alliance (FET) also gained almost 5% over the past day and is trading at $1.66 at the time of writing. 

Bittensor (TAO) emerged as the top gainer among the leading 100 cryptocurrencies with an 18% rally in the past 24 hours. TAO is trading at $538 with a market cap of just under $4 billion.

The surge in AI token prices came two days after semiconductor giant Nvidia and Alibaba Cloud teamed up to improve the autonomous driving industry within China. The technology backbone of Alibaba has integrated its large multimodal models into Nvidia’s Drive AGX Orin platform for driverless vehicles. 

AI-related crypto tokens have usually shown bullish movements after major announcements from Nvidia. This time was no different.

It’s important to note that the Nvidia stock price closed Friday, Sept. 20, with a 1.59% decline and traded at $116. The tech giant could potentially record gains today as the partnership with the Chinese e-commerce giant has brought positive sentiment to the market.

In addition to Nvidia’s bullish catalyst for AI tokens, Democratic presidential candidate Kamala Harris also hinted at creating “an opportunity economy” for AI — as well as “digital assets” — in the U.S. This was the first time that Harris publicly shared her stance on the crypto industry.