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AI-Centric Cryptocurrencies Ascend Amid Nvidia’s Stellar Q2 Results

Author

Jay Solano

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Reading time

2 mins
Last update

Author

Jay Solano

Tags

Category

News - Archive

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

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nvidia

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The cryptocurrency market, especially AI-linked tokens, experienced significant momentum following Nvidia’s exceptional Q2 earnings, reaffirming the continued bullish trend in Artificial Intelligence.

Nvidia, a prominent chipmaker, reported its Q2 figures, which notably surpassed market expectations. Its revenue for the said quarter reached $13.51 billion, considerably higher than the projected $11.19 billion as per FactSet data. Additionally, the company’s earnings per share (EPS) stood at $2.70, again beating the anticipated $2.08. Furthermore, Nvidia’s outlook for Q3 revenue is set around $16 billion (with a variation of 2%), which towers over the previously estimated $12.59 billion.

Jensen Huang, Nvidia’s founder and CEO, highlighted in a press statement the global shift from generic to augmented computing, emphasizing the rising momentum for generative AI. “The race is on to adopt generative AI,” Huang remarked.

Amid this backdrop, AI-focused tokens like FET, GRT, INJ, RNDR, and AGIX showcased remarkable growth, surging by over 4% in the past day. This growth rate surpasses the CoinDesk Market Index’s (CMI) increment of 3%.

The current positive trajectory was also observed post Nvidia’s impressive Q1 figures from the previous May. These statistics underscored the highly optimistic future for AI-driven revenue. Such positivity, magnified by the mainstream acceptance of AI, evident from platforms like OpenAI’s ChatGPT, bolstered the value of AI-tied cryptocurrencies. While these digital assets witnessed a summer dip, mirroring the broader market, their inherent potential remains undeniable.

Post the announcement, Nvidia’s stock price surged by over 7% in the subsequent U.S. after-hours trading, following a 3% increment during standard trading hours. As per TradingView’s data, the company’s stock has grown by an astounding 200% this year.