Nvidia's Earnings Boost Sparks Surge in AI-Linked Crypto Tokens
Feb 22, 2024
AI-linked crypto tokens experienced a notable surge following Nvidia's impressive fourth-quarter earnings report, which surpassed analysts' expectations. Nvidia reported earnings per share of $5.16, exceeding the anticipated $4.59 per share, and posted revenue of $22.1 billion, surpassing Wall Street's forecast of $20.4 billion. As a result, tokens like SingularityNet (AGIX) saw a rise of over 20%, while FetchAI (FET) surged by over 10%, and Render (RNDR) increased by 8%. This surge propelled the overall market capitalization of AI tokens beyond $16.5 billion, as reported by CoinGecko. In contrast, the CoinDesk 20 (CD20), a benchmark for major cryptocurrencies, experienced a 2.7% decline. Nvidia's CEO, Jensen Huang, attributed the success to the widespread demand for accelerated computing and generative AI, noting that they have reached a "tipping point." Additionally, Nvidia's optimistic first-quarter revenue forecast of $24 billion exceeded analysts' estimates of $22.2 billion.
Previous
Next