The stock of Artificial Superintelligence Alliance (FET) is experiencing a decline today, primarily due to a broader sell-off in the cryptocurrency market triggered by the release of DeepSeek R1, a new AI model from China's DeepSeek lab. This model, which has been described as a significant milestone in AI development, has caused investors to reassess the value of AI-related crypto assets, including FET. The market for AI-focused cryptocurrencies has shrunk by 8%, with FET among the hardest hit, experiencing losses of over 15%. This decline is part of a larger trend affecting the entire crypto market, which has seen a 5% drop in total market cap.
The current price of FET is $1.13, down 4.44% from its previous close of $1.18.