Render

The Graph

Fetch.ai

<p>The artificial intelligence (AI) market experienced a significant surge in <a href="https://www.cryptopolitan.com/sec-crypto-unit-leader-depart-private-sector/" rel="noopener noreferrer nofollow">crypto</a> tokens and traditional stocks, buoyed by Nvidia’s impressive earnings report and a broader market correction. This surge, evident over the past month, saw several AI-based tokens and stocks record substantial gains despite market volatility.</p>
<h2 class="wp-block-heading" id="ai-tokens-rally">AI tokens rally</h2>
<p>AI-based crypto tokens witnessed notable gains on February 21st, with popular tokens such as Render (RNDR), The Graph (GRT), Fetch.ai (FET), and SingularityNet (AGIX) posting double-digit increases.</p>
<p>&nbsp;Notably, Render surged over 17% in 24 hours, while The Graph saw an 18% increase. This positive momentum follows a period where the market cap of AI tokens more than doubled within a month, reaching $17.8 billion.</p>
<h2 class="wp-block-heading" id="nvidia-s-influence">Nvidia’s influence</h2>
<p>The surge in AI tokens can be attributed to Nvidia’s exceptional fourth-quarter earnings report, surpassing market expectations. With revenues totaling $22.1 billion, Nvidia exceeded Wall Street’s projected $20.4 billion, driven significantly by a fivefold increase in AI data center revenue in January compared to the previous year.&nbsp;</p>
<p>Nvidia CEO Jensen Huang credited this success to the heightened global demand for generative AI, solidifying Nvidia’s position with a market capitalization of $1.67 trillion, surpassing Tesla as the world’s most traded stock.</p>
<p>The positive performance of Nvidia’s AI businesses reverberated across the AI <a href="https://www.cryptopolitan.com/crypto-owners-surges-among-older-australians/" rel="noopener noreferrer nofollow">crypto</a> market, leading to new highs for several AI-focused stocks. Taiwan Semiconductor Manufacturing Company (TSMC), a key supplier for Nvidia, experienced a 2.05% surge in morning trading on February 21st.&nbsp;</p>
<p>Similarly, Super Micro Computer, a server component supplier, witnessed an 11.42% increase in after-hours trading on February 20th. Dutch chip equipment manufacturer ASML also rose by 2.7% in after-hours trading.</p>
<h2 class="wp-block-heading" id="openai-s-contribution">OpenAI’s contribution</h2>
<p>The bullish sentiment towards AI tokens was further bolstered by OpenAI’s recent announcement of its text-to-video tool, Sora, on February 15th. This development catalyzed the highest weekly trade volume for AI tokens in a year, underscoring the growing interest and confidence in AI-related technologies.</p>

AI tokens and stocks surge following Nvidia’s strong earnings report

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