As a seasoned analyst with over two decades of experience in the tech and crypto markets, I have seen my fair share of trends that seemed to defy logic only to be later validated by market realities. The recent surge in value for AI-based crypto assets is one such trend that has piqued my interest.
For the last seven days, the worth of cryptocurrencies powered by artificial intelligence has surged noticeably. This upward trend seems connected to the forthcoming financial results announcement by tech titan Nvidia.
Just a quick heads up: Nvidia is about to release its Q2 earnings report in no time at all! Meanwhile, some AI-related cryptocurrencies such as Near Protocol, Artificial Superintelligence Alliance (FET), Bittensor (TAO), and Render (RENDER) have seen significant increases in value, bucking the trend that many other crypto assets are experiencing.
AI Tokens Outperform Crypto Wider Market
Recently, the Artificial Superintelligence Alliance’s token, FET, has made a significant leap forward. This alliance includes Fetch.ai, Ocean Protocol, and SingularityNET. Over the past week, the value of the FET token skyrocketed by nearly 70%, reaching $1.39 on August 26, as reported by Lookonchain in a recent post on their platform.
In the given category, RENDER experienced a significant surge. According to CoinGecko’s data, RENDER increased approximately 40% over the past week, which puts its current value at around $6.45 as of this writing.
Over the last seven days, NEAR, the native token of the layer-1 network Near, experienced a 35% jump and reached a new monthly peak of $5.20. In contrast, Bittensor’s TAO token saw a weekly increase of 26%, pushing its price above $350 at the time of writing.
It might be worth noting that many tokens across the crypto market are still struggling to regain the losses from the early August crash. However, most major AI tokens have now made full recovery and are well on their way for even more gains.
Connection to Nvidia
It’s worth mentioning that the recent growth in value for these AI-focused assets could potentially be connected to the upcoming Nvidia earnings report, which is often referred to as one of the most significant tech earnings reports each year. This report will be made public on Wednesday, August 28, coinciding with the release of Nvidia’s second-quarter financial results.
In a recent interview with Fortune, Dan Ives from Wedbush Securities’ tech bull firm highlighted the link between Nvidia and artificial intelligence (AI) technologies. He emphasized that the current tech market boom is primarily fueled by the increasing need for new data center capacity. This demand, as he sees it, is crucial to support the growing roster of AI chatbots that have emerged in recent years. In essence, Ives suggests that Nvidia plays a significant role in powering these AI applications.
“In the global context, there’s a single company that serves as the bedrock of the Artificial Intelligence (AI) Revolution, and that company is none other than Nvidia.”
Nvidia is currently the ‘trend-setting’ or ‘representative’ stock. He recently expressed this thought in an interview with Reuters.
Regarding the much-awaited financial report, people have only optimistic feelings about it. In Q1 of 2023, Nvidia’s revenue jumped an impressive 18% compared to Q4, and it also experienced a significant increase of 262% when compared to the same timeframe in the previous year.
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2024-08-26 11:20