Benzinga - AI-token Render (CRYPTO: RNDR) is up 17% in the last 24 hours, outperforming gains made by Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).
What Happened: The rise in the AI-token's price comes as tech giants Microsoft Corp (NASDAQ:MSFT) and Google parent Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) are gearing up for a long drawn-out battle in the artificial intelligence space.
At the time of writing, Render was trading at $2.06.
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Why It Matters: During an earnings call, Microsoft’s CEO, Satya Nadella, announced that the company has over 2,500 Azure-OpenAI service customers, alongside AI-powered new features in a variety of products.
"The world's most advanced AI models are coming together with the world's most universal user interface — natural language — to create a new era of computing," said Nadella.
Google’s Chief Sundar Pichai also said that the tech giant will test and iterate on incorporating generative AI advances in "a thoughtful and deliberate way" to make search better.
The AI arms race is expected to drain the companies’ pockets, and on this note, Google has reorganized its AI division, putting its Deep Mind subsidiary, previously independently run, under the Google Brain division.
Render is a utility token of The Render Network, a provider of decentralized GPU-based rendering solutions.
Price Action: BTC was trading at $28,343, up 3.14% in the last 24 hours, according to Benzinga Pro.
Read More: Bitcoin, Ethereum, Dogecoin Rise Amid Positive Tech Earnings: Analyst Warns ‘Bart Simpson’ Pattern Spells Trouble For Late Apex Coin Buyers
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