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The Graph

Artificial Superintelligence Alliance

<p>Nvidia, the graphics processing giant, announced record quarterly results and a stock split, propelling its stock price to historic highs. This news had a significant impact on AI-related cryptocurrencies.</p>
<h2 id="h-ai-cryptos-ride-the-wave">AI Cryptos Ride the Wave</h2>
<p><a href="https://www.cointribune.com/en/stock-market-crash-meta-and-nvidia-lose-750-billion-tech-falters/" target="_blank" rel="noopener noreferrer nofollow">Nvidia</a> reported a quarterly revenue of $26.04 billion, exceeding analysts’ expectations. Its net profit surged by 628% to reach $14.88 billion. The Santa Clara-based company also forecasts a revenue of $28 billion for the next quarter.</p>
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<p>Additionally, Nvidia will proceed with a 10-for-1 stock split starting June 7. This operation aims to make the stock more accessible to small investors. Following this <a href="https://crypto.news/nvidias-record-earnings-and-stock-split-shake-up-ai-crypto-market/" target="_blank" rel="noopener noreferrer nofollow">announcement</a>, Nvidia’s stock soared 5.9% to surpass the symbolic $1000 mark.</p>
<p>Contrary to expectations, Nvidia’s excellent results did not immediately boost AI-related cryptocurrencies. Render (RNDR), an Ethereum token for decentralized graphic rendering, dropped by 12% in the hours following the publication. However, history suggests a potential rebound, as during Q4 results when RNDR surged by 38% in 48 hours.</p>
<p>Other popular AI tokens like <a href="http://fetch.ai" target="_blank" rel="noopener noreferrer nofollow">Fetch.ai (FET)</a>, The Graph (GRT), and SingularityNet (AGIX) also fell by 2.8% to 6%. Nevertheless, experts believe Nvidia’s announcement could seriously shake the AI token market in the medium term.</p>
<h2 id="h-strong-correlation-and-promising-prospects">Strong Correlation and Promising Prospects</h2>
<p>According to Marco Pagnini, a fund manager at Moonwalk Systems, the correlation between Nvidia’s stock and <a href="https://www.cointribune.com/en/ai-cryptocurrencies-on-fire-openais-sora-propels-the-markets/" target="_blank" rel="noopener noreferrer nofollow">AI tokens</a> has exceeded 0.75 since January. The stock split is expected to boost confidence in AI technology and attract more retail investors.</p>
<p>For Zac Shander-Kelsey, CEO of Nodabank, the market has yet to fully grasp the interactions between crypto and AI, but stronger correlations will emerge.</p>
<p>“We have seen how the traditional sector influences cryptocurrencies, and this is no different. Just like cryptocurrencies in 2017-18, the market has yet to understand how cryptocurrencies and AI interact. Once retailers understand, we will see stronger correlations.”</p>
<p>Nvidia’s exceptional results and stock split have already impacted AI cryptocurrencies, despite an initial mixed reaction. Experts foresee a bullish potential in the medium term, driven by a <a href="https://www.cointribune.com/en/nvidia-at-the-forefront-ai-cryptos-are-turning-the-market-around/" target="_blank" rel="noopener noreferrer nofollow">growing adoption of AI</a> and increasing interest from retail investors. The convergence between AI and crypto is poised to be one of the major trends in the coming months.</p>

Nvidia at the peak of its game: AI crypto is on fire!

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