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Tokens associated with artificial intelligence soared on Wednesday as technology giant Nvidia Corp (NASDAQ:NVDA) reported a smashing fourth fiscal quarter, surpassing Wall Street predictions for both earnings and revenue.
What Happened: The company’s announcement that revenue is expected to continue its upward trajectory in the current quarter added further fuel to the AI token rally.
Among the AI tokens capitalizing on the upbeat sentiment was Fetch.AI, with its token FET (CRYPTO: FET) jumping more than 5%. Other notable increases included SingularityNET (CRYPTO: AGIX) which saw a 25% climb, and Render (CRYPTO: RNDR), which enjoyed a 7% uptick in the span of just 24 hours.
| Cryptocurrency | Gains +/- | Price |
| Fetch.AI | +5% | $6.91 |
| SingularityNET | +7% | $1.07 |
| Render | +25% | $0.70 |
Nvidia’s graphics processors, essential for developing these models, have helped secure its financial windfall. These advanced processors, particularly favored for server use, have become increasingly associated with AI development.
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Why It Matters: The surge in AI token value followed Nvidia’s reporting of a net income of $12.29 billion for the quarter, converting to $4.93 per share. This marks a notable increase of 769% compared to last year's $1.41 billion, equivalent to 57 cents per share.
Despite the positive outcome for Nvidia and the crypto sector, Singapore-based QCP Capital in a note to clients, hinted at potential volatility: “A key event today that could trigger a wider correction is Nvidia earnings which will be released after the US close. As a major part of the S&P500 Index, Nvidia’s performance could set the tone for US equities in the near-term.”
Price Action: As the trading day concluded on Wednesday, Nvidia shares saw a dramatic 9.2% leap to $736.93 in after-hours trading, following a slight 2.85% decline to close at $674.72 during regular trading hours, according to data from Benzinga Pro.
Photo by Matt Benzero on Shutterstock
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