AI tokens extend losses despite Apple's leap into artificial intelligence
- Prices of AI tokens decline in the past 24 hours, wiping out 6% of the category’s market capitalization.
- Apple announced that users can tap into OpenAI’s ChatGPT while using Siri, if they opt for it.
- Elon Musk criticized Apple’s move to collaborate with OpenAI for AI features in the latest iPhones.
The Artificial Intelligence (AI) category of crypto tokens extended their losses on Tuesday following Apple’s foray into AI. The tech giant announced the integration of OpenAI’s ChatGPT alongside its virtual assistant Siri, for users who opt in.
Elon Musk slammed the tech giant for its move, noting that user’s security and privacy could suffer.
AI tokens extend losses
Data from crypto price tracker CoinGecko shows that the AI category of crypto tokens has wiped out 6% of its total market capitalization in the past 24 hours to $33.286 billion on Tuesday.
In WWDC 2024, Apple announced software update versions and revealed plans to use Artificial Intelligence collaborating with OpenAI. Since then, AI tokens have extended losses.
CoinGecko shows that the top 5 AI tokens ranked by market capitalization have corrected between 2% and 6% in the last 24 hours.
CoinGecko top 5 AI tokens
Following tech giant Apple’s announcement of AI feature integration and improvement in its virtual assistant Siri, AI tokens extended their losses. Typically, AI-related positive announcements catalyze gains in asset prices. However, Apple’s AI push failed to have the same effect.
Musk slams Apple’s OpenAI partnership
In a recent tweet on X, Elon Musk said that it is “patently absurd” that Apple put the security and privacy of its users in OpenAI’s hands. Musk slammed the tech giant and said,
Apple has no clue what’s actually going on once they hand your data over to OpenAI. They’re selling you down the river.
It’s patently absurd that Apple isn’t smart enough to make their own AI, yet is somehow capable of ensuring that OpenAI will protect your security & privacy!
— Elon Musk (@elonmusk) June 10, 2024
Apple has no clue what’s actually going on once they hand your data over to OpenAI. They’re selling you down the river.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
