Nvidia's Financial Report Pushes AI Tokens Higher
Nvidia's latest quarterly report showed a 265% increase in revenue, which had an immediate impact on artificial intelligence-focused cryptocurrencies.
On Wednesday, the software giant, NVIDIA, reported that its earnings per share reached $5.16, exceeding expectations of $4.64. Revenue also reached $22.1 billion, exceeding the forecasted amount of $20.6 billion. Revenue increased by 265 percent from the previous year, exceeding Wall Street expectations.
The report from NVIDIA emphasizes that these current figures are a result of increased global demand for generative AI. NVIDIA is optimistic about this unfolding trend, and its growth is largely driven by the launch of chips from its Hopper series. Sales of these chips alone brought NVIDIA $18.4 billion in revenue over the past year.
Despite increased volatility in the crypto market last Wednesday, certain AI tokens reacted positively to NVIDIA's financial results. Over the past 24 hours, Fetch.ai (FET) has increased by 14%, while SingularityNET (AGIX) has seen a 33% increase in value. Render (RNDR) has also risen by 19%, and The Graph (GRT), by 17%. These trends reflect investors' expectations for increased demand for AI solutions and services.
This rally has brought Render nearing an all-time high, as the token has been trending upwards since September 2023, rising from a low of $0.40 to a peak of $6.50. This represents a 1,540% increase, with Render now only 30% off from reaching its all-time high near $8. The RSI index indicates that the token is overbought, which suggests that the price may soon decline. However, these are only indications, and the cryptocurrency market is highly volatile. Investors are advised to do their own research before making investment decisions.
