The triggers that will decide AI crypto’s next move: Apple earnings and midterm elections

October was a reality check for AI crypto as AI-driven FUD hit risk sentiment. 

Concerns around high AI spending, higher indebtedness, and the uncertainty of returns have led to a sell-off in AI-related stocks spilling into cryptocurrency. The biggest macro overhang came from late-October earnings reports, which added pressure across U.S. equities. 

As can be seen below, the top AI stock (Nvidia) lost 10%+ in October, marking its sharpest monthly decline since the 2025 crash. This demonstrates just how much capital flow is influencing AI sentiment right now.

From a technical standpoint, the answer looks straightforward. 

The largest AI-associated crypto by market cap, NEAR Protocol [NEAR], fell over 16% during the same time-frame. It lost over $200 million in market cap. This wiped out almost half of the 178% rally seen in September, which was one of its best months in recent months.

This shows how AI-induced FUD is starting to seep into the market, and NEAR is already showing some signs of losing momentum.

However, it is also another major macro week for crypto, with some major cap earnings in focus (Apple). The main question will be whether there is a rebound in AI stocks during the month of November or if the selloff continues, which will dictate what happens to AI-linked cryptos next.

AI crypto faces November test

October was a reality check for the AI trade.

Adding to the pressure was the news that earnings were not as impressive as hoped for both Intel and Amazon. On the 30th of October, the Nasdaq fell by 2.86%, with Nvidia falling by 4.2% and AMD falling by 10.9%.

Overall, the Nasdaq 100 fell by over 5.8% in October, putting over $2 trillion at risk.

This weakness also spilled into AI crypto. According to CoinPaprika data, the sector’s total market cap fell from $16.32 billion on the 3rd of October to $13.72 billion on the 31st of October, wiping out roughly $2.6 billion, or 16%, during the month.

This followed a dramatic drop from the impressive 54% rally seen in September, which far outpaced the 24% increase seen by the wider crypto market.

In essence, October’s FUD spilled over into AI crypto, triggering a sharp cooldown in sector valuations. 

Looking ahead to macro week, Apple earnings, U.S. midterm elections, and key U.S. economic data out of October could all provide the next trigger point in terms of risks.

It means that if Apple has strong earnings, then it will help solidify the AI trade; however, if it is more disappointing, then the market could see continued weakness across the AI crypto space.

Final Summary

• AI crypto lost 16% of its market cap as AI fears hit stocks and crypto.

• November outlook: Apple earnings, U.S. elections, and economic data could decide whether AI crypto recovers or falls further.