The price of artificial intelligence (AI)-related cryptocurrency tokens briefly tumbled despite Nvidia’s impressive first-quarter earnings report, contrary to crypto traders’ expectations.
Nvidia — which produces chips companies use to train and deploy AI models — saw Q1 revenue&nbsp;<a href="https://cointelegraph.com/news/nvidia-doubles-down-on-ai-market-cap-tops-2-5-trillion">jump 18% from Q4 2023</a>&nbsp;and surge 262% from a year ago, beating analyst estimates of $24.6 billion, Cointelegraph reported on May 23.
The earnings report was released after the New York Stock Exchange (NYSE) market closed on May 22. Nvidia spiked 6.06% in after-hours trading, reaching $1,007 at the time of writing, <a href="https://au.finance.yahoo.com/quote/NVDA/" target="_blank" rel="noopener nofollow">according</a> to data from Yahoo Finance.
Some AI token traders appeared disappointed the positive results didn’t lead to a similar bump in AI token prices. 
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 Source: <a href="https://x.com/Trader_XO/status/1793395724391993841" target="_blank" rel="noopener nofollow">XO</a>
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Within just five hours of the earnings report’s release, Render — an Ethereum-powered platform enabling decentralized graphics processing unit rendering — saw a 12% decline, with its price plummeting to $10.38, <a href="https://coinmarketcap.com/view/ai-big-data/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data. 
However, a known “whale” wallet sent around $52.1 million to an unknown wallet on May 22, which could suggest large holders were expecting a “sell the news” event, <a href="https://x.com/santimentfeed/status/1793433332224852071" target="_blank" rel="noopener nofollow">according</a> to&nbsp;data from crypto research firm Santiment.
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 Render (RNDR) is currently trading at $10.52, down 5.51% over the past 24 hours. Source: CoinMarketCap
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Meanwhile, pseudonymous crypto trader D0C Crypto pointed out that RNDR didn’t experience a price spike until two days after Nvidia’s last earnings report.
“During the Nvidia Q4 earnings event in February<a href="https://x.com/search?q=%24RNDR&amp;src=cashtag_click" target="_blank" rel="noopener nofollow"> </a>RNDR rose 38% in 48 hours. If history repeats itself, it could mean that RNDR pumps above $15 from the current price within 48 hours!” they declared in a May 22 X <a href="https://x.com/TheRealD0c/status/1793357320216309825" target="_blank" rel="noopener nofollow">post</a>.
Related:<a href="https://cointelegraph.com/news/nvidia-nvda-share-price-artificial-intelligence-ai-crypto-tokens#:~:text=On%20Feb.,769%25%20compared%20with%20Q4%202022."> Nvidia shares up 15% in 5 days — Will AI crypto tokens follow?</a>
Other AI-related tokens, such as The Graph (<a href="https://cointelegraph.com/the-graph-grt-price-index">GRT</a>) — an indexing protocol optimizing blockchain data queries — dipped by&nbsp;approximately 4.77%. Similarly, Fetch.ai (FET) declined by 6.42%, while SingularityNet (AGIX) recorded a 6.25% dip.
However, traders remain confident that Nvidia’s results will eventually flow into the wider crypto market and have a positive impact.
“Nvidia just hit 2.5 trillion USD market cap, bigger than the whole crypto space, and you’re not bullish on AI this cycle?” pseudonymous crypto trader Bishara&nbsp;<a href="https://x.com/bishara_crypto/status/1793408423234769171" target="_blank" rel="noopener nofollow">asked</a> their 18,000 X followers on May 22.
“Nvidia did well = stocks will do well = crypto will do well,” <a href="https://x.com/Plazma0x/status/1793388566539599932" target="_blank" rel="noopener nofollow">added</a> pseudonymous crypto trader Plazma.
Magazine:<a href="https://cointelegraph.com/magazine/bitcoin-stacks-price-predictions-cryptocurrency-daan-crypto-trades-hall-of-flame/"> If Bitcoin doubles, Stacks will 4x in 2025: Daan Crypto Trades, X Hall of Flame</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Nvidia’s Q1 results sent its stock soaring 6%, but AI tokens barely moved

Cointelegraph

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