Artificial Superintelligence Alliance

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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/nvidias-earnings-affect-ai-related-cryptocurrencies/" data-wpel-link="internal">Nvidia’s Earnings Affect AI-Related Cryptocurrencies</a> 
Nvidia’s earnings for the second quarter of 2024 exceeded expectations but failed to impress investors, leading to a decline in AI-related cryptocurrencies. Artificial Superintelligence Alliance (FET) dropped by approximately 7.8% to $1.1663 just hours after Nvidia’s earnings announcement. According to CoinMarketCap data, Bittensor (TAO) fell by 4.5% to $295.22, and Render (RNDR) decreased by 6.8% to $5.47. 
<h2 class="p1" style="text-align: justify" id="nvidia-and-ai-tokens">Nvidia and AI Tokens</h2> 
Nvidia’s revenue for the second quarter of 2024 reached $30 billion, a 15% increase from the first quarter and about $1.32 billion above previous forecasts. However, this was not enough. Market commentator Lisa Abramowicz shared the following in an X post on August 28: 
<blockquote> 
 “Being better than expected is not enough for Nvidia. Clearly, investors expect this company to exceed expectations.” 
</blockquote> 
Some analysts predicted this would be at least 10% of Wall Street estimates. According to Google Finance data, Nvidia’s (NVDA) <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">stock price</a> closed at $125.61 on August 28 and has since fallen by an additional 6.89% in after-hours trading to $116.95. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-384143 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/nvidia.webp" alt="" width="1418" height="920"> 
The performance of AI crypto tokens has been closely linked to Nvidia’s performance and earnings reports in previous quarters. Some <a href="https://en.coin-turk.com/bitstamp-suspends-eth-staking-service-for-us-customers-amid-sec-pressure/" data-wpel-link="internal">crypto market</a> participants had predicted that AI crypto tokens would stumble following the earnings announcement. 
<h2 class="p1" style="text-align: justify" id="details-on-the-subject">Details on the Subject</h2> 
Nvidia produces the chips used by companies to train and deploy AI models. After releasing its Q1 earnings in May, AI crypto tokens similarly fell despite a 18% increase in first-quarter revenue compared to the fourth quarter of 2023. Ed Ludlow from Bloomberg shared the following on August 28: 
<blockquote> 
 “The story remains intact. There is no demand issue here, and fundamentally, cloud computing providers operating data centers, which we call hyperscalers, continue to spend on Nvidia’s product.” 
</blockquote> 
This came after the market value of <a href="https://newslinker.co/can-artificial-intelligence-achieve-consciousness/" target="_blank" rel="noopener" data-wpel-link="exclude">AI and big data</a> crypto projects and tokens increased by 79.7% in the three weeks following the selling pressure on August 5. Bitcoin fell below $50,000 for the first time since February. At that time, the total market value of AI and big data crypto projects fell to an annual low of $18.21 billion. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/nvidias-earnings-affect-ai-related-cryptocurrencies/" data-wpel-link="internal">Nvidia’s Earnings Affect AI-Related Cryptocurrencies</a></h5>
The post <a href="https://en.coin-turk.com/nvidias-earnings-affect-ai-related-cryptocurrencies/" data-wpel-link="internal">Nvidia’s Earnings Affect AI-Related Cryptocurrencies</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Nvidia’s Earnings Affect AI-Related Cryptocurrencies

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