Rally

Hive

Raise

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 <p><a rel="noopener noreferrer nofollow" title="Nvidia" href="https://thebittimes.com/tag/nvidia.html">Nvidia</a> has been one of the biggest beneficiaries of the AI boom. The financial numbers released a day ago are a testament to the same. The company registered Q2 revenue of $13.51 billion. This was higher than estimates of $11.19 billion. The company’s EPS stood at $2.70, yet again beating estimates of $2.08. Furthermore, <a rel="noopener noreferrer nofollow" title="Nvidia" href="https://thebittimes.com/tag/nvidia.html">Nvidia</a> expected its Q3 revenue to be around $16 billion, compared to estimates of $12.59 billion.</p> 
 <p>During the trading hours on Wednesday, August 23, NVDA shares rose 3.17%. During the pre-market hours on Thursday, August 24, the price was up 8.13%, and NVDA was seen exchanging hands at $509.45. Several investment banking companies, including Rosenblatt, <a rel="noopener noreferrer nofollow" title="BofA" href="https://thebittimes.com/tag/bofa.html">BofA</a>, <a rel="noopener noreferrer nofollow" title="JPMorgan" href="https://thebittimes.com/tag/jpmorgan.html">JPMorgan</a>, <a rel="noopener noreferrer nofollow" title="Morgan Stanley" href="https://thebittimes.com/tag/morgan-stanley.html">Morgan Stanley</a>, and Deutsche Bank, have raised their NVDA price target range to $560-$1100.</p> 
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   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">$NVDA: Stifel Upgrades to Buy from Hold – PT $600 (from $440)$NVDA: Rosenblatt raises price target to $1,100 from $800 $NVDA: Baird raises price target to $750 from $570 $NVDA: KeyBanc raises price target to $670 from $620 $NVDA: BofA Securities raises price target to $650…</p> 
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    </div> — *Walter Bloomberg (@DeItaone) August 24, 2023 
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 <p><strong>Also Read: Bitcoin Must Surpass $98,000 for Miner’s Sustainability in 2024</strong></p> 
 <h3 class="wp-block-heading" id="h-crypto-tokens-rally">Crypto Tokens’ Rally</h3> 
 <p>Bitcoin reached a low of around $25,800 a day ago. However, after Nvidia’s results were out, it went on to create a high of around $26,800. AI-related crypto assets were the biggest beneficiaries. Tokens like GRT, INJ, RNDR, AGIX, and 0x0 were all up 2% to 22% on the daily timeframe. Brush Creek Digital’s founder Andrew Parkerson said that if NVDA’s after-hours gains extended by more than 5%, a crypto rally could transpire over the next few days. He added,</p> 
 <p><strong>“Conditions are ripe for a relief rally in risk assets, especially crypto.”</strong></p> 
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   <img decoding="async" src="https://cdn.thebittimes.com/images/2023/08/24/8b4b64bdecf1bb406be5d09bb62337c6.webp" alt="" class="wp-image-108516" style="width: 100%;height:296px" width="546" height="296" srcset="https://cdn.thebittimes.com/images/2023/08/24/8b4b64bdecf1bb406be5d09bb62337c6.webp 709w, https://cdn.thebittimes.com/images/2023/08/24/8b4b64bdecf1bb406be5d09bb62337c6.webp 300w, https://cdn.thebittimes.com/images/2023/08/24/8b4b64bdecf1bb406be5d09bb62337c6.webp 380w, https://cdn.thebittimes.com/images/2023/08/24/8b4b64bdecf1bb406be5d09bb62337c6.webp 550w" sizes="(max-width: 546px) 100vw, 546px"> 
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     0x0 [ai0x0] Price Pump | Source: CoinMarketCap&nbsp; 
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 <p><strong>Also Read: Binance Might ‘Not’ be Manipulating the Bitcoin Market Yet</strong></p> 
 <h3 class="wp-block-heading" id="h-crypto-miners-enjoy-the-fruit-too">Crypto Miners Enjoy the Fruit too</h3> 
 <p>Mining companies like Applied Digital [APLD], Hut 8 [HUT], Hive [HIVE], and Iris Energy [IREN] have already started to fortify their data centers to integrate AI. In fact, Applied Digital&nbsp;recently announced its ‘Elite Partner’ status in the NVIDIA&nbsp;Partner Network. The stocks of all of the aforementioned <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> companies registered 6%-10% gains over the past day.</p> 
 <p>Several market participants took to Twitter to share that they believed that the crypto-mining industry would be confronted by headwinds. However, the latest Nvidia-instigated growth marked a re-birth of the mining industry. Danish Lakhani posted on X [formerly Twitter],</p> 
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 <p><strong>“I thought the whole <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> will be headwind along with slow down in gaming. They just reinvented themselves.”</strong></p> 
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   <img decoding="async" src="https://cdn.thebittimes.com/images/2023/08/24/b8e8e39e2f1fcf7491d3608fe8f953a1.webp" alt="" class="wp-image-108519" style="width: 100%;height:323px" width="525" height="323" srcset="https://cdn.thebittimes.com/images/2023/08/24/b8e8e39e2f1fcf7491d3608fe8f953a1.webp 665w, https://cdn.thebittimes.com/images/2023/08/24/b8e8e39e2f1fcf7491d3608fe8f953a1.webp 300w, https://cdn.thebittimes.com/images/2023/08/24/b8e8e39e2f1fcf7491d3608fe8f953a1.webp 380w, https://cdn.thebittimes.com/images/2023/08/24/b8e8e39e2f1fcf7491d3608fe8f953a1.webp 550w" sizes="(max-width: 525px) 100vw, 525px"> 
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     Source: Google Finance 
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 <p><strong>Also Read: Bitcoin Mining Difficulty Rises 6.17% to Claim New ATH</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>BofA</li> 
  <li>crypto</li> 
  <li>Deutsch Bank</li> 
  <li>JPMorgan</li> 
  <li>mining</li> 
  <li>Morgan Stanley</li> 
  <li>Nvidia</li> 
 </ul> 
</div>

Banks Raise Nvidia Target Upto $1100: AI Crypto, Mining Stocks Rally

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TheBitTimes

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