Cryptocurrencies related to artificial intelligence (AI) technology have seen significant gains in the past week, while Nvidia’s stock market value has lost over $40 billion.
As of May 25th, Fetch.AI (FET), Render Token (RNDR), and SingularityNET (AGI) have grown by 7%, 37%, and 7% respectively in the past 40 days. Despite the broader cryptocurrency market facing a decline, this growth has still occurred, with Bitcoin (BTC) and Ethereum (ETH) losing 7% and 2.5% of their value respectively last week.
The decline in Nvidia’s stock price coincided with concerns over its CEO, Jensen Huang, and other executives selling a large amount of stock. Google Finance data shows that Nvidia’s stock price has fallen by 6.68% in the past five trading days.
Since May 13th, Huang has sold $79.38 million worth of Nvidia stock, according to documents filed with the U.S. Securities and Exchange Commission (SEC) on May 21st. This activity has caught the attention of business research firms.
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According to Google data, the current top 3 popular altcoins are mentioned in an article published by Global Markets Investor on May 23rd. Another research firm states that the total value of Nvidia stock sold by executives this year is nearing the $1 billion mark.
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They also add that Nvidia insiders have cashed out over $79.6 billion this year.
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