AI tokens surge ahead of ‘Super Bowl’ Nvidia earnings report
Artificial intelligence crypto tokens surged last week ahead of the highly anticipated second-quarter earnings report from tech giant Nvidia.
AI-focused tokens such as Protocol Near (NEAR), Artificial Superintelligence Alliance (FET), Bittensor (TAO) and Render (RENDER) outperformed the broader crypto market last week.
Layer 1 Network's near native token surged 35% last week to hit a four-week high of $5.20 on August 25.
The Artificial Superintelligence Alliance – a consortium of Fetch.ai, Ocean Protocol and SingularityNET – posted even bigger gains, with the FET token surging 70% in a week to reach $1.39 on August 26.
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One whale said he “seems to regret selling” 1.79 million FET tokens from Binance on August 25 at a high of $1.33 before spending $2.38 million in Tether (USDT).
FET price, one week chart. Source: Cointelegraph
Other AI-linked crypto-assets that are trending higher at the time of writing include TAO, which has gained 26% in the past week, reaching $350 on August 26.
RENDER has risen nearly 40% over the past seven days, peaking at $6.45 on August 26, according to CoinGecko.
Most of the major AI tokens have fully recovered from the market crash in early August.
Nvidia has been described as “the most important technology revenue in years”.
The rise in AI-related assets comes as markets prepare for the most important tech company earnings reports of the year. On Wednesday, August 28, Nvidia will announce its Q2 results.
Wedbush Securities' Dan Ives, one of Wall Street's most influential tech bulls, told Fortune on Aug. 23 that this is “the most important tech earnings in years.”
He said he believes the tech bull market will be driven by the demand for new data center capacity needed to power the growing number of AI chatbots that have emerged in recent years. In the year In an August 22 memo, Ives wrote:
“There is one company in the world that is the foundation for the AI revolution, and that is Nvidia.”
“You can think of earnings as the Super Bowl four times a year,” Mike Smith, portfolio manager at Allspring Global Investments, told Reuters before adding that “Nvidia is the zeitgeist stock today.”
Nivea's revenue rose 18% between Q3 2023 and Q1 2024 and grew 262% last year.
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Nvidia's stock has risen a whopping 180 percent over the past 12 months, hitting a high of $135 in mid-June. The stock has recovered 30 percent since it was delisted in August and was trading below $130 at the close on Friday. August 23.
Nvidia stock price year-to-date. Source: MarketWatch
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