Nvidia’s Q4 2023 Earnings: Potential Impact on Crypto AI Tokens
Nvidia, the world’s leading chip maker, is set to release its Q4 2023 earnings on February 21, 2024. As a crypto enthusiast, you may be wondering how this could affect the top-ranked Crypto AI tokens. It’s worth noting that these tokens have closely followed Nvidia’s stock price movement since January 2023. In particular, Internet Computer (ICP), TheGraph (GRT), FetchAI (FET), SingularityNET (AGIX), and Ocean protocol (OCEAN) are showing signs of a possible major price breakout.
AI Surge Drives Nvidia’s Stock Performance
The rise of Artificial Intelligence (AI) has had a significant impact on investor interest in the past year. This global AI trend has also extended to the cryptocurrency sector. In fact, generative AI and AI-related startups raised nearly $50 billion in 2023 alone. Nvidia, being a key player in the chip manufacturing business, has experienced remarkable gains during this AI boom. From January 1, 2023, to February 20, 2024, Nvidia’s stock price skyrocketed by 400%, reaching $726.
Crypto AI Tokens’ Correlation with Nvidia
Interestingly, the valuation of the top five crypto AI tokens – ICP, GRT, FET, AGIX, and OCEAN – has shown a similar upward trend to Nvidia’s stock price. Between January 2023 and February 2024, their cumulative market capitalization increased from $1.8 billion to $10.2 billion. This aligns closely with Nvidia’s stock price surge of 397% during the same period. If Nvidia continues to outperform market expectations and beats estimates for the fourth consecutive quarter, it could provide further momentum to the rally of Crypto AI tokens.
Hot Take: What to Expect from Nvidia’s Q4 2023 Earnings
With Nvidia’s Q4 2023 earnings report just around the corner, all eyes are on its performance. Analysts have projected an expected earnings per share of $4.18 for this quarter. It’s worth noting that Nvidia has consistently surpassed market expectations in its previous earnings calls. If it continues this trend, we could see a significant impact on the Crypto AI token market, potentially leading to further price increases and investor interest. As a crypto enthusiast, it’s important to keep a close watch on Nvidia’s earnings report and its potential implications for the broader cryptocurrency market.
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