Nvidia’s latest quarterly report created a storm in the market. It also revealed a 769% increase in net income compared to last year. This jump far exceeded Wall Street’s predictions. As a result, Nvidia’s shares rose nearly 10% in after-hours trading. Meanwhile, artificial intelligence coin projects also experienced a rise. Here are the details…
Artificial intelligence coin projects rise with Nvidia’s earnings report
The company’s adjusted earnings per share were $5.16, beating the $4.64 expected. Moreover, its revenue reached $22.10 billion, above the estimate of $20.62 billion. Revenue also increased by 265% compared to the previous year. This financial victory underscores Nvidia’s strong position in the AI industry. The company’s advanced graphics processors are of great importance in the development of large artificial intelligence models.
CEO Jensen Huang remains optimistic about sustainable growth. It underscores the continued demand for Nvidia GPUs, fueled by the shift to generative AI and accelerator technologies. “Strong demand was driven by multiple industry segments, including enterprise software and consumer internet applications, as well as automotive, financial services and healthcare,” the company said.
Nvidia’s data center impacted growth
Significantly, Nvidia’s Data Center business, particularly the Hopper series of chips like the H100, has driven this growth. This segment’s revenue increased by 409% to $18.40 billion. Such figures underscore the critical role of artificial intelligence in Nvidia’s strategy.
In parallel, the AI crypto token market responded positively to Nvidia’s earnings announcement. This response underscores the complex link between advances in artificial intelligence and blockchain technology. For example, Render (RNDR) witnessed a 7.73% increase in value. This Ethereum-based network makes it easy to create decentralized GPUs. Similarly, The Graph (GRT) also increased by 11.19%. It acts as an indexing protocol to query blockchain data efficiently.
FET, AGIX also rose
Moreover, Fetch.AI (FET) and SingularityNET (AGIX) also made significant gains. Fetch.AI, which aims to build a decentralized machine learning network, achieved a 4% price increase. SingularityNET, which allows the creation and monetization of artificial intelligence services on the blockchain, experienced a significant increase of 27.62%.
These gains reflect Nvidia’s direct influence on the AI token market. They also point to broader market belief in the transformative potential of AI across a variety of industries. Ethereum co-founder Vitalik Buterin’s recent praise for AI applications, particularly for improving blockchain security and efficiency, further highlights the growing synergy between AI and blockchain technologies.
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