GMAI Index Performance

The GMAI -0.29% index, a measure of the market’s top AI tokens, was the standout performer amid last week’s market-wide bounce, increasing by over 30% this past week.

In comparison, the GM30 index, which tracks the top 30 tokens by market capitalization, recorded a 9.8% increase. Meanwhile, BTC and ETH saw week-over-week increases of 7.5% and 11.5%, respectively.

Top Assets of the GMAI Index

The top three weighted assets of the GMAI index are FET, RENDER, and TAO. Among these, TAO, the native token of Bittensor, was the strongest performer, with approximately a 56% increase to cap off the week. In contrast, FET and RENDER rose by around 20% and 14%, respectively.

About Bittensor

Bittensor is a peer-to-peer network that commodifies the creation, sharing, and maintenance of machine learning (ML) data and was previously covered in a research report by The Block Pro Research.

Crypto and AI Narrative Resurgence

The resurgence of the “Crypto x AI” narrative recently seems to have been catalyzed by the release of OpenAI’s o1 model on September 13, followed by rumors of OpenAI’s oversubscribed $6.5 billion funding round at a $150 billion valuation on September 20.

For context, the price of TAO has nearly doubled since the release of ChatGPT o1 at the time of writing. Simultaneously, FET and RENDER increased by 23% and 16%, respectively, over the same time period.

This is an excerpt from The Block’s Data & Insights newsletter. Dig into the numbers making up the industry’s most thought-provoking trends.