Leading chipmaker Nvidia saw its shares rise 26% on Thursday. The company, whose market value is approaching 1 trillion dollars, emphasized the demand for artificial intelligence in its first quarter report, triggering a double-digit rally in the artificial intelligence coin market.
Nvidia approaches the trillion-dollar market cap club that includes Apple and Microsoft
Nvidia is currently the fifth publicly traded US company valued at $1 trillion. The company’s stock prices rose 26% on Thursday. Thus, it realized one of the biggest one-day value gains of a US stock.
The aspect of the development concerning the cryptocurrency market was that Nvidia highlighted the demand for artificial intelligence in its first quarter report. Nvidia estimated sales of $11 billion for the second quarter of fiscal 2024 late Wednesday. He reported that this demand will largely be on graphics processors that power ‘artificial intelligence’ applications.
Artificial intelligence applications such as those in Nvidia, Google, Microsoft and ChatGPT maker OpenAI are reporting that they will fuel demand. Experts think this increase could help other AI firms’ share prices rise.
It should be noted that this huge increase came in the midst of the global financial crisis. However, Nvidia CEO Jensen Huang says he expects it to be a giant record year. The data shows that the firm is forecasting sales of $11 billion for the three months ending July. On the other hand, the increasing demand for AI in its quarterly report is triggering a double-digit rally in the AI coin market.
Nvidia report sparks artificial intelligence coin market
According to reports, sales are increasing as demand for graphics processors (GPUs) produced by Nvidia increases. These processors are highly used by Google, Microsoft and OpenAI to power artificial intelligence applications.
However, it has been observed that the increasing use of artificial intelligence has attracted new investors to Blockchain projects operating in this field. At the time of Nvidia’s financial report, SingularityNET (AGIX) was the top earner in the artificial intelligence coin market, up 20%.
Also, Cortex (CTXC) gained about 6% and Measurable Data Token (MDT) gained 6.5%. Meanwhile, the rally was valid for the entire AI coin market. Currently, all Blockchain projects operating in this field are rising in double digits compared to the last 7 days:
- AllianceBlock (ALBT): 187.10%
- DX (DxChain Token): 114.96%
- IMGNAI (Image Generation AI): 79.07%
- DBC (DeepBrain Chain): 40.30%
- FOAM (FOAM): 39.55%
- NMR (Numeraire): 24.38%
- VXV (Vectorspace AI): 21.31%
- CPC (CPChain): 19.79%
- CTI (ClinTex CTi): 17.04%
- AGRS (Agoras: Currency of Tau): 16.70%
- GLQ (Graphlinq Chain): 15.60%
- SDAO (SingularityDAO): 14.78%
- AION (Aion): 14.11 percent
- MDT (Measurable Data Token): 14.69%
- TRAVA (TRAVA.FINANCE): 12.93%
- FORT (Forta): 11.91%
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