AI cryptocurrencies soar after Nvidia stock beats earnings

Cryptocurrencies that are tied to artificial intelligence (AI) have enjoyed considerable gains as a result of Nvidia (NASDAQ: NVDA) exceeding earnings estimates for the second quarter of the year, suggesting that the positive trend for AI could well continue for the foreseeable future.

Accelerated computing and generative AI are on the rise across the world, both of which have contributed to Nvidia’s success as it looks to challenge $500. Nvidia’s CEO and co-founder, Jensen Huang, claims that the increasing interest in generative AI is driving its widespread adoption in businesses.

In turn, within the last twenty-four hours, the price of each of the eight cryptocurrencies related to artificial intelligence and data that are classified among the top 150 crypto assets in terms of market capitalization has increased.

Notably, Render (RNDR) has seen the biggest price increase with 10%, followed by SingularityNET (AGIX) with 8% and Fetch (FET) with 7% on the last day. Meanwhile, the largest cryptocurrency by market capitalization with $853 million worth, The Graph (GRT), is up 3% in the last 24 hours.

In particular, Render (RNDR) has had the greatest price gain with 10%, followed by SingularityNET (AGIX) with 8% and Fetch (FET) with 7% on the most recent trading day. The Graph (GRT), which has a market valuation of $853 million and is the biggest AI cryptocurrency by worth, has seen its price increase by 3% over the last 24 hours.

Despite a market-wide decline during the summer, the enthusiasm for AI and its increasing mainstream adoption, as exemplified by OpenAI’s ChatGPT, has caused AI-related cryptocurrencies to maintain popularity.

Nvidia sales performance

Nvidia announced sales for the second quarter of $13.51 billion, which was much higher than the average expectation of $11.19 billion. The company’s profits per share for the second quarter came in at $2.70, which was much higher than the consensus expectation of $2.08. 

In addition, Nvidia anticipates sales for the third quarter of roughly $16 billion, which is much higher than the predictions of $12.59 billion.

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