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Saturday, June 22, 2024

Nvidia Stock Soars 6% on Q1 Results, AI Tokens Barely Move

Artificial intelligence-focused cryptocurrencies surged on Wednesday, bucking the broader digital asset market’s muted performance ahead of chip-making giant Nvidia’s (NVDA) quarterly earnings report.

Large-cap AI tokens like Fetch.ai’s FET, Render’s RNDR, Bittensor’s TAO, and SingularityNET’s AGIX saw gains of 4%-5% in the past 24 hours, according to CoinGecko data. The token of the decentralized physical infrastructure network AIOZ Network (AIOZ) soared 7% after the project was listed on the Nvidia Accelerated Applications Catalog, where users can find tools and services built on Nvidia platforms.

Meanwhile, the native token of the layer-1 (L1) network Near Protocol (NEAR), which garnered attention after its co-founder spoke at an Nvidia conference earlier this year, experienced a 2% gain. NEAR was the best-performing asset among the CoinDesk 20, which overall declined by 0.6%, with modest drops in bitcoin (BTC) and ether (ETH).

The broader market decline followed a rapid rally over the past few days, spurred by positive regulatory developments in the U.S. and falling bond yields as inflation fears eased.

Nvidia shares were down 1.5% just before the close of regular trading on Wednesday, with earnings results expected after the bell. Patrick Moorhead, founder and CEO of Moor Insights & Strategy, expressed confidence in an interview with Yahoo Finance earlier this week, stating that “the company is going to clearly beat expectations.” Nvidia’s stock has climbed 90% this year and more than 200% year-over-year.

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