Nvidia’s earnings triumph spurs AI token surge, signaling a new era for tech markets

Three AI-related cryptocurrencies saw a surge in their validation. The increase is attributable to Nvidia’s earnings report. These pertain to the numbers for the fourth quarter of 2023 and the estimated numbers for the first quarter of 2024.

For starters, the earnings per share of Nvidia for the last quarter of the previous year are reported to be $5.16. Revenue posted stands at $22.1 billion. Both are above the average and/or expected number by analysts. EPS was teased to dance around $4.59 per share, while revenue was expected to bag $20.4 billion.

Nvidia believes that the overachievement of the figures is due to the rise in demand for AI technology across the globe. Trends indeed point in the same direction and are evident from the official statement of Jensen Huang. 

The Chief Executive Officer and Founder of the chip-making company addressed the fact that there is a surge in demand among industries, nations, and companies. Further, he stated that generative AI and accelerated computing have hit the tipping point.

A major effect of the reports has been seen in the valuation of Fetch.ai’s FET, SingularityNET’s AGIX, and Render’s RNDR. AI-related tokens are currently up by 15.50%, 32.18%, and 19.57%, respectively, at the time of drafting this article. Also, the increase indicates a surge in comparison to the value in the last 24 hours.

An alternate reference shows where the tokens stand on the trading board. FET is listed at $1.16, with an increase of 18.13% in the last 24-hour volume. AGIX is on the verge of scripting history, for it has inched closer to $1. SingularityNET is exchanging hands at $0.703, with a jump of 135.41% in the 24-hour volume. RNDR is sporting the largest value of $7.39 among the three tokens. Its 24-hour volume is up by 91.64%.

The collective market cap of the AI-related tokens is reported to have crossed the milestone of $16.5 billion. The surge in their valuation has come at a time when Ethereum has surpassed the mark of $3,000, for a 3.51% increase in the last 24 hours. BTC is down to $51,724.34; however, there has been a rise of 0.59% in the last 24 hours.

Bitcoin often leads the market’s momentum, but the case could be a little different when it comes to AI-related tokens. They seem to thrive on how the industry players move and portray themselves in the book.

Moving forward, Nvidia said that it expects to register revenue for the first quarter of 2024 at $24 billion. Analysts have put forward their expected estimate of $22.2 billion. Another overachievement could allow AI tokens to rise further.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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