Cryptocurrencies Tied to AI Soar as Nvidia Exceeds Earnings Estimates
Cryptocurrencies linked to artificial intelligence (AI) are experiencing significant gains following Nvidia’s better-than-expected earnings report for Q2. This suggests that the positive trend for AI could continue in the future.
Key Points:
- Accelerated computing and generative AI are contributing to Nvidia’s success as it aims to challenge $500.
- Increasing interest in generative AI is driving its widespread adoption in businesses.
- The price of the top 150 AI-related cryptocurrencies has increased in the last 24 hours.
- Render (RNDR) has seen the highest price increase, followed by SingularityNET (AGIX) and Fetch (FET).
- The Graph (GRT) has a market valuation of $853 million and has seen a 3% price increase.
Despite a market decline during the summer, AI-related cryptocurrencies have maintained popularity due to the increasing mainstream adoption of AI technologies. Nvidia’s strong sales performance further supports this trend.
Nvidia Sales Performance:
Nvidia reported Q2 sales of $13.51 billion, surpassing the average expectation of $11.19 billion. Profits per share for the quarter were $2.70, higher than the consensus expectation of $2.08. The company predicts Q3 sales of approximately $16 billion, well above the expected $12.59 billion.
Disclaimer: This content is not investment advice. Investing carries risks.
Source: Finbold
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