Despite Nvidia’s impressive first-quarter earnings report, the prices of artificial intelligence (AI) related cryptocurrency assets continue to decline, much to the disappointment of crypto investors. On May 23, Nvidia, renowned for its powerful chipsets in the AI industry, exceeded analysts’ expectations by generating $24.6 billion in revenue, marking an 18% increase from the previous quarter and a remarkable 262% increase from the previous year.
The earnings report was released after the closing of the New York Stock Exchange (NYSE) market on May 22. According to Yahoo Finance, NVDA saw a 6.06% increase in after-hours trading, reaching $1,007 at the time of writing. For the latest financial and business news, visit COINTURK FINANCE.
However, despite the positive results, some AI token investors were disappointed to see that the prices of AI tokens did not experience a similar surge. CoinMarketCap data revealed that within just five hours of the earnings report’s release, Render (RNDR), an Ethereum-supported platform that enables the creation of decentralized graphics processing units, witnessed a 12% drop, with its price plummeting to $10.38.
Nonetheless, data from crypto research firm Santiment indicated that a large whale wallet transferred approximately $52.1 million to an unknown wallet on that day, suggesting that major wallet holders may be anticipating a sell-the-news process.
D0C Crypto, a prominent crypto investor and analyst, pointed out that RNDR only experienced a price increase two days after Nvidia’s earnings report. Other AI-related crypto assets, such as The Graph (GRT), saw a decline of approximately 4.77%, while Fetch.ai (FET) and SingularityNet (AGIX) both experienced drops of 6.42% and 6.25% respectively. However, investors remain hopeful that Nvidia’s strong results will eventually have a positive impact on the overall crypto market.
Please note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research. Stay updated with our news on Telegram, Facebook, Twitter, and Coinmarketcap.
