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AI-Based Crypto Assets Surge Ahead of Highly-Anticipated Q2 Earnings Report From Tech Giant Nvidia

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2024-08-26 15:29:41535browse

AI tokens such as Near Protocol NEARUSD, Artificial Superintelligence Alliance (FET), Bittensor (TAO), and Render (RENDER) have seen gains outpace

AI-Based Crypto Assets Surge Ahead of Highly-Anticipated Q2 Earnings Report From Tech Giant Nvidia

Artificial intelligence-based crypto assets have been surging over the past week ahead of a highly-anticipated Q2 earnings report from tech giant Nvidia.

AI tokens such as Near Protocol (NEAR), Artificial Superintelligence Alliance (FET), Bittensor (TAO), and Render (RENDER) have seen gains outpace the wider crypto market over the past week.

Proof-of-stake layer-1 network Near’s native token (NEAR) surged 35% over the past week to hit a four-week high of $5.20 on Aug. 25.

Artificial Superintelligence Alliance, a consortium of Fetch.ai, Ocean Protocol, and SingularityNET, saw even bigger gains, with its FET surging almost 70% in a week to reach $1.39 on Aug. 26.

Onchain analytics platform Lookonchain observed the big gains and noted strange whale transaction behavior over FET in a post on X on Aug. 26.

It noted that a whale “seemed to regret selling” at a lower price before spending $2.38 million USDT to buy 1.79 million FET tokens back from Binance at a higher price of $1.33 on Aug. 25.

Other AI-based crypto assets outperforming at the time of writing include Bittensor, which has gained 26% over the past week, and TAO, which topped $350 on Aug. 26.

Render (RENDER) is also up around 40% over the past seven days, climbing to $6.45 on Aug. 26, according to CoinGecko.

Most major AI tokens have now fully recovered from the big market crash earlier this month.

Nvidia described as ‘most important tech earnings in years’The surge in AI-related assets comes as markets prepare for one of the year's most significant tech firm earnings reports. On Wednesday, Aug. 28, Nvidia will release its second-quarter results.

One of Wall Street’s most influential tech bulls, Wedbush Securities’ Dan Ives, told Fortune on Aug. 23 that this is “the most important tech earnings in years.”

He believes that the tech bull market is driven by demand for new data center capacity, which is needed to power the plethora of AI chatbots that have emerged in recent years. In a note on Aug. 22, Ives wrote:

“Nvidia is the clear beneficiary of this A.I. / data center demand story, and we believe the Street will be laser-focused on the company’s commentary around A.I. strength in the quarter.”

Ives also noted that Nvidia’s earnings will provide crucial insight into the strength of the semiconductor industry and the broader economy in H2 2024.

“After a brutal tech sell-off in the first half, Nvidia earnings will be a key barometer for the Street on the strength of the second-half bull market in granular detail,” he wrote.

After a stellar 2023, which saw Nvidia stock (NASDAQ:NVDA) rally 180% over the past 12 months, the tech giant’s stock has been hit hard by the recent market dump.

Nvidia stock closed at a record high of $135 in mid-June but fell to $95 at the end of the market sell-off earlier this month. However, NVDA stock has since recovered around 30% from its recent lows.

Nvidia stock closed at $129.94 on Aug. 23, up 1.6% on the day and down about 18% year-to-date.

As reported by Cointelegraph, Nvidia’s revenue jumped 18% in Q1 from Q4 2023 and surged 262% from the same period a year ago.

The company reported revenues of $9.18 billion in Q1 2024, driven by strong demand for its data center products, which saw a 21% increase in sales.

Nvidia also saw strong growth in its gaming segment, which brought in $4.62 billion in revenues, up 14% from the previous quarter.

However, Nvidia’s net income fell sharply in Q1 2024, dropping 66% year-over-year to $2.44 billion. This decline was largely attributed to a $1.33 billion impairment charge related to Nvidia’s acquisition of Mellanox Technologies.

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