After Apple briefly mentioned Octane, a 3D design software powered by the Render Network, during its keynote presentation showcasing its latest iPad with the M4 chip, Render Token (RNDR) experienced an 11% surge. The quick reference to the software by Apple’s vice president of platform architecture, Tim Millet, in a 4-minute keynote grabbed the attention of traders and is believed to have contributed to RNDR’s upward momentum over the past week, with a 40% increase overall.
The mention of Octane’s performance on the new iPad led to a notable price spike for RNDR, reaching $11.16 at the time of reporting. While Bitcoin gained 5.5% over the same period, RNDR’s surge demonstrated its resilience to Bitcoin’s fluctuations.
In addition to RNDR, other artificial intelligence (AI) tokens also saw gains this week, with Fetch.ai (FET) rising by 12.88%, The Graph (GRT) by 20.28%, and SingularityNET (AGIX) by 16.18%.
The Fear and Greed Index, which measures investor sentiment, indicated a general sense of “greed” among investors, reaching a score of 66 as of May 10, up 11 points from the previous day.
Traders are closely monitoring AI tokens in anticipation of Nvidia’s Q1 2024 earnings report, scheduled for May 22.
Nvidia’s performance has historically influenced AI token price action, with traders viewing dips in AI token prices as buying opportunities ahead of Nvidia’s earnings reports. With Nvidia’s stock reaching its 30-day high on May 6, traders anticipate an exciting few weeks leading up to the earnings announcement.
Overall, the recent surge in AI tokens, coupled with the anticipation of Nvidia’s earnings report, has contributed to a positive market sentiment and increased investor interest in the AI sector.
May 2024, Cryptoniteuae
