The decline in Artificial Superintelligence Alliance (FET) stock today is largely attributed to a broader downturn in AI-related cryptocurrencies, which have been among the worst performers in the digital asset market. This slump is linked to the emergence of DeepSeek, a new Chinese AI application that has sparked concerns about its potential to disrupt the AI market. The app's cost-efficiency and rapid adoption have led to a selloff in AI stocks, including major players like Nvidia, which saw its shares plummet to 12-week lows. This has created a ripple effect, impacting AI cryptocurrencies like FET.
The current price of FET is $0.9960, marking a 10.76% decrease from its previous close of $1.1161 and the same percentage drop from its opening price today.