AsianFin -- Numeraire (NMR), the native token of crypto hedge fund Numerai, more than doubled in value on Wednesday after JPMorgan Asset Management announced a $500 million commitment to the project, igniting a rally across AI-linked digital assets.

NMR surged over 100% in 24 hours to trade near $23, according to CoinGecko data. The broader AI-token market caprose 5.8% to $29.4 billion, even as Nvidia’s weaker-than-expected Q2 earnings briefly weighed on sentiment in the artificial intelligence sector.

Other notable movers included Near Protocol (NEAR), up 1.5%, the Artificial Superintelligence Alliance’s FET token, higher by 1.3%, and Internet Computer (ICP), up 1%.

Founded in 2015, Numerai pioneered an encrypted online tournament where data scientists competed to forecast stock prices. The project leverages crowdsourced predictions, rewarding high-performing models with its NMR token, and has since evolved into a hedge fund blending crypto incentives with artificial intelligence.