Nvidia, the world’s largest chip maker is scheduled to launch This fall 2023 earnings on Feb. 21, 2024, market tendencies examines how its top-ranked Crypto AI tokens might react.
Harking back to NVIDIA’s strategic significance to the worldwide Synthetic Intelligence sector, the highest 5 crypto AI tokens have mirrored NVDA inventory value motion, since January 2023.
Web Pc (ICP), TheGraph (GRT) FetchAI (FET), SingularityNET (AGIX) and Ocean protocol (OCEAN) might be on the verge of one other main value breakout.
AI surge triggers NVIDIA’s outstanding inventory value efficiency
Pushed by the emergence of OpenAI in January 2023, Synthetic Intelligence (AI) has gained important investor mindshare prior to now yr. And the worldwide AI rave has additionally unfold in direction of the cryptocurrency sector.
Generative AI and AI-related startups raised practically $50 billion in 2023, per Crunchbase knowledge. Evidently, AI has been on the middle stage of world investing prior to now yr, and NVIDIA has been on the middle of the rave, with its industry-leading chips manufacturing enterprise.
Unsurprisingly, NVIDIA has scored important beneficial properties amid the AI rave. And between January 1, 2023 and February 20, 2024, the NVDA inventory value elevated 400% from $126 to $726. Market watchers have pegged NVIDIA’s anticipated efficiency at $4.18 earnings per share for This fall 2023.
And on Feb. 21 NVIDIA is scheduled to launch its official earnings report for This fall 2023. Market watchers have pegged NVIDIA’s anticipated efficiency at $4.18 earnings per share for This fall 2023.
Notably it has outperformed consensus market expectations at every of the final 3 earnings calls relationship again to January 2023. Throughout that interval, the AI rave has additionally reverberated by means of amongst crypto traders.
Crypto AI tokens’ emergence has correlated to NVIDIA’s efficiency
The valuation of 5 of the most important crypto AI tokens, Web Pc (ICP), TheGraph (GRT) FetchAI (FET), SingularityNET (AGIX) and Ocean protocol (OCEAN), has elevated considerably since January 2023, sharing a stark similarity to NVDA inventory value accent.
As seen within the chart under, the cumulative market capitalization of ICP, GRT, FET and AGIX grew from $1.8 billion to $10.2 billion between Jan. 1 2023 and Feb. 20 2024,
The 463% enhance within the cumulative market cap of the 5 largest crypto AI tokens prior to now yr, is in step with NVIDIA’s 397% inventory value surge throughout that interval.
If NVIDIA earnings beats markets’ estimates for a 4th consecutive quarter, Crypto AI tokens rally might achieve extra momentum.