SingularityNET

Artificial Superintelligence Alliance

Ocean Protocol

Render

<h3 id="our-experts-tell-us-how-the-record-rise-in-nvidia-stocks-and-hype-around-ai-affected-prices-of-cryptoassets">Our experts tell us how the record rise in Nvidia stocks and hype around AI affected prices of cryptoassets</h3>Nvidia has become the first graphics processor manufacturer whose market capitalization has approached $1 trillion. Its devices have recently been used by cryptocurrency miners. But now the growth of the company’s shares is due to the growth of artificial intelligence technology.On Tuesday, May 30, price of Nvidia stocks skyrocketed to a historic high. In its quarterly report, the company said that the proliferation of artificial intelligence technology is translating into record sales. And its net income for the quarter was markedly higher than what analysts had predicted.Nvidia’s developments have spread in the video game industry, the field of professional visualization. As well as in the field of high-performance computing and the automotive industry. In this case, Nvidia’s onboard computers are used as the basis for unmanned cars. The company supplies technology to major market players such as Apple, Microsoft, Alibaba and Amazon.In late 2006, Nvidia allowed third-party developers to use the processing power of its graphics processing units (GPUs) not only for graphics optimization but also for other purposes. Nvidia processors are good at a lot of simultaneous calculations. And in this they noticeably lose to central processors, the leading manufacturer of which is Intel.Notable success of Nvidia outside of the video game industry has brought the company mining cryptocurrencies. And where the GPU has also proven its effectiveness. In 2020, amid rising prices for Bitcoin and other cryptocurrencies, Nvidia surpassed Intel in market value. And its quotes continued to rise, reaching a record high of almost $330 per stock at the end of 2021.Demand for Nvidia graphics cards was supported by miners. Who assembled cryptocurrency mining farms based on the Proof-of-Work (PoW) algorithm from the devices. The most profitable of these has always been Ethereum (ETH). But last September, developers planned to move it to Proof-of-Stake (PoS). After that, the need for mining to issue new coins disappeared. And miners were forced to switch to much less profitable coins or refused to mine cryptocurrencies using GPUs in principle.The fall in excitement around video card mining, as well as the collapse of the crypto market last year, brought down Nvidia’s stocks. But now the wave of AI has reawakened investor enthusiasm. Since the beginning of the year, the company has increased its market share by $220 billion. By comparison, Ethereum has a market capitalization of $228.3 billion. Nvidia stock is up 165% in 2023 alone. Nvidia’s capitalization now stands at $939.3 billion, which brings it closer to the $1 trillion mark.<h3 id="ai-and-cryptocurrencies">AI and cryptocurrencies</h3>On May 28, Nvidia unveiled several technologies related to artificial intelligence at Computex 2023. Among them is the Avatar Cloud Engine service. Which allows you to give the intelligence of side characters in video games. As well as the DGX GH200 supercomputer for generative AI, the Spectrum-X platform for cloud providers. And the MGX architecture for creating metaverse and a few others.The flow of news around Nvidia has also affected the cryptocurrency market. Project tokens, which aggregators categorize as “artificial intelligence,” rose in value in less than a week. And some of them showed up to 60% growth. An example of such an asset was the AKT token of the Akash Network project. The developers position it as an open network for trading computing power.The most capitalized assets in the category also benefited from positive news from Nvidia. The token of the SingularityNET project (AGIX), “the first decentralized artificial intelligence marketplace.” Which runs on the Cardano blockchain, rose in value by 10%. Fetch.ai (FET), a coin platform with machine learning algorithms, gained more than 6% in less than a week. And the OCEAN token used by the Ocean Protocol data economy project rose nearly 9%.Similar trends took place in the market at the beginning of the year amid the mass spread of chatbots with artificial intelligence ChatGPT. Which still enjoys notable popularity, including in the cryptocurrency community.<h3 id="largest-crypto-asset-in-ai-category">Largest crypto asset in AI category</h3>The largest crypto-asset in the AI category is the Render token (<a href="https://coinmarketcap.com/currencies/render-token/" rel="noopener noreferrer nofollow">RNDR</a>) of the Render Network project from OTOY. Its capitalization exceeds $900 million and it is traded on leading cryptocurrency exchanges. And its price has risen almost seven-fold since the beginning of the year.OTOY provides cloud-based graphics rendering solutions. These are used by visual effects creators, artists, animators, designers, architects and engineers, according to the company’s website. Its products, which also involve AI. The company Meta also uses them.As part of the Render Network project, OTOY developers have modified the code of their cloud computing platform for GPU rendering. And they did it so that RNDR tokens could be used to pay for the service, thus creating demand for the asset.In 2021, OTOY released the Octane X Classic rendering app on the App Store. And which also uses Render Network technology. Also getting the project into Apple’s app store was a successful marketing move for RNDR. The token has risen more than 60 percent since May 13. This happened when The Wall Street Journal’s sources reported. That Apple would unveil a mixed reality headset at the WWDC 2023 event in early June. This was largely contributed to by a number of speculations that. That the device could, in theory, also use some of the Render Network’s developments.<a href="https://crypto-upvotes.com/about-us/" rel="noopener noreferrer nofollow">Our experts</a> note that in general, the coins of blockchain projects, which in one way or another involve artificial intelligence. Since the beginning of the year proved to be the group of the most successful in terms of crypto-assets investment. Along with tokens of the management of liquid stacking services.

Nvidia stocks rise with AI popularity

Table of Contents

Crypto Upvotes News

Other articles published on Jun 2, 2023

Binance Enables $USDT Deposits on Arbitrum One and Optimism Networks

$PACE (3space Art) Listing Celebration Giveaway Campaign

Bitcoin Price Analysis: Better After Testing 26526 - 3 June 2023

How to Invest in DeFi? Beginner’s Guide

Here’s What to Invest to Make $1M if Shiba Inu Rallies to $0.01

Licensed Asset Manager in Hong Kong Applies for Bitcoin ETF!

Join our free newsletter for daily crypto updates!