AI-focused cryptocurrencies — and stocks — will be in the spotlight next week as Nvidia publishes its quarterly results
- WBOYOriginal
- 2024-08-25 06:20:18834browse
Ahead of the event, Akash Network (AKT) has risen by 10% in the past seven days. Similarly, Bittensor (TAO), Render Token (RNDR), and Artificial Superintelligence Alliance (FET) have both jumped by over 30% in this period.
Cryptocurrencies — and stocks — that are focused on artificial intelligence will be in the spotlight next week as Nvidia (NASDAQ:NVDA) is set to publish its quarterly results after the closing bell on Wednesday, Aug. 28.
Ahead of the event, several AI tokens have posted double-digit gains over the past seven days.
For example, Akash Network (AKT) has risen by 10%, while Bittensor (TAO), Render Token (RNDR), and Artificial Superintelligence Alliance (FET) have both jumped by over 30% in this period.
According to data from CoinGecko, the market cap of all AI tokens rose by over 13.7% on Aug. 24, while the trading volume rose to $1.7 billion.
These gains came on the heels of Federal Reserve Chairman Jerome Powell's recent speech where he hinted that interest rates will be cut in September.
Nvidia's stock has surged by over 161% this year, giving it a market cap of over $3.1 trillion, the third-biggest among all companies in the world.
Its results will likely provide a glimpse at whether AI demand is rising. In its first-quarter results, the company's revenues jumped by over 240% to over $26 billion. Analysts expect its revenue to grow to $28.6 billion in the second quarter.
A former Nvidia ($NVDA) employee shares his thoughts on $NVDA:
– He thinks $NVDA has an aggressive roadmap. According to him, in 2026, $NVDA will make a chip called Rubin. For him, the most significant risk for $NVDA is if they don't execute on their roadmap.
– He also thinks $TSM can be a… pic.twitter.com/guARiJFM8w
If Nvidia reports strong revenues and provides bullish forward guidance, it bodes well for the industry, which will lead to higher prices for associated assets. However, results that come below estimates could lead to a sharp reversal.
Akash Network and Render are closely aligned with Nvidia's business as they are at the intersection of the blockchain and semiconductor industries. Both of them offer distributed GPU rendering solutions on the blockchain network.
For instance, data on Akash Network's website shows that one can hire Nvidia's H100 GPU for less than $1 an hour, an affordable price for a product that sells for over $30,000.
Bittensor has a similar distributed model in that it offers a platform that decentralizes the process of creating machine intelligence solutions.
Its token has risen by 106% from its lowest point in August.
Other top AI tokens to watch as Nvidia publishes its earnings include AIOZ Network (AIOZ), Arkham (ARKM), The Graph (GRT), and Internet Computer (ICP).
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