- Nvidia’s stock experienced a significant surge after the company reported impressive earnings on Wednesday, surpassing analysts’ expectations.
- The cryptocurrency market associated with artificial intelligence projects also witnessed a notable uptrend following Nvidia’s fourth-quarter earnings announcement.
Cryptocurrencies linked to AI initiatives saw a surge in value overnight subsequent to Nvidia’s financial report for the fourth quarter.
Exceeded Projections
The leading chip manufacturer outperformed analysts’ forecasts on Wednesday, reporting a revenue of \(22.1 billion for the quarter, exceeding the anticipated \)20.5 billion. This positive financial outcome led to a more than 12% increase in the company’s stock during early trading hours on Thursday.
Dan Ives, a senior research analyst at Wedbush, expressed his views on Bloomberg TV, stating, “This is really the earnings heard around the world. It shows that this AI party is just getting started.”
Nvidia’s outlook includes a projected revenue of $24 billion for the ongoing quarter.
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Following the release of Nvidia’s earnings report, AI-related cryptocurrency tokens experienced a notable surge.
The AI-focused cryptocurrency market expanded by approximately 7% in the last 24 hours, reaching $17.5 billion, as per data from CoinGecko.
Bittensor’s TAO token saw a 9% increase since Wednesday, trading above \(634. Since the beginning of the year, TAO has surged by nearly 150%, starting at around \)260 in January.
Bittensor facilitates the sharing of intelligence among AI models, essentially creating a digital collective brain.
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Described as a “peer-to-peer intelligence market,” Bittensor aims to revolutionize machine learning by decentralizing it. The platform envisions establishing a global marketplace for AI knowledge.
A crypto bridge that allows users to transfer Bittensor’s TAO token to Ethereum has gained significant popularity in recent months, attracting Ethereum users seeking exposure to the trending AI token.
Worldcoin’s WLD token surged by over 40% since Wednesday, trading slightly above \(8.30 by 2 pm London time, compared to around \)6.10 on the previous day.
OpenAI CEO Sam Altman’s eye-scanning crypto project offers online identity verification through an eye scan, generating a World ID. More than 2.5 million individuals have undergone the eye-scanning process.
Analysts estimate that Nvidia holds approximately 80% of the AI chip market, indicating that Altman’s company likely plays a significant role in driving demand for Nvidia’s products, particularly its data center chips and graphics processing units.
Recently, OpenAI introduced Sora, a text-to-video tool, as part of its product suite, which also features AI chatbot ChatGPT.
Sora enables users to create videos up to one minute in length with just a brief prompt, contributing to an increase in Worldcoin’s trading value following the announcement.
Key Crypto Market Movements
- Bitcoin’s value rose by 1% since Wednesday, trading at approximately $51,300.
- Ethereum maintained a price just below $3,000, marking a 2.8% increase in the past 24 hours.
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Adam Morgan McCarthy, a market correspondent at DL News, provides insightful coverage. For tips or inquiries, reach out to him via email at [email protected].
