A delay in OpenAI's initial public offering (IPO) has sent shockwaves through the crypto market, causing AI tokens to plummet. According to reports from The New York Times, OpenAI, the maker of ChatGPT, is leaning towards delaying its IPO until next year.
OpenAI had reportedly lined up bankers and lawyers for a listing as soon as the third or fourth quarter of this year, with CEO Sam Altman pushing for a $1 trillion valuation. However, recent developments have tempered that ambition, with advisers warning that retail enthusiasm for OpenAI's shares could prove thin.
As a result, AI tokens tied to decentralized artificial intelligence projects have sold off heavily, with NEAR falling 8.51% to $1.77, TAO dropping 3.94% to $208.45, and ICP sliding 5.69% to $2.10.
The total AI and Big Data token market capitalization stood at $17.70 billion, in the red on the day. OpenAI's IPO delay has sparked concerns about the viability of its listing and the potential impact on the broader crypto market.