NVIDIA, a powerhouse in the AI and GPU market, disclosed its earnings for the fourth quarter on February 21, 2024. The firm posted a record-breaking quarterly revenue of $22.1 billion, marking a 22% increase from the previous quarter and a staggering 265% rise from the same period last year. This performance surpassed the predictions of Wall Street, triggering a significant uptick in NVIDIA’s stock price.
Check out NBX`s unique RWA NFT marketplace and our NBX Visa credit card with Bitcoin cashback.
The remarkable earnings report is largely due to NVIDIA’s robust performance in the AI and data centre sectors. NVIDIA has emerged as the main beneficiary of the tech industry’s recent fascination with large-scale artificial intelligence models, which are built on the company’s high-end graphics processors for servers.
During a call with analysts, NVIDIA’s CEO, Jensen Huang, addressed concerns from investors about whether the company can maintain this level of growth and sales throughout the year. He expressed confidence in the excellent conditions for sustained growth in 2025 and beyond.
In the aftermath of NVIDIA’s earnings announcement, a number of AI-based tokens experienced a severe uptick in valuation. These tokens, which underpin AI-related projects, have seen a substantial increase in their value over the last year due to the AI hype. The total market capitalization for this category is now close to $18 billion, reflecting an approximate 10% gain within the last 24 hours.
As of now, over 20 AI-related tokens has experienced a 20% growth in price or more during the last 24 hours.
Stay updated on what happens here.
This trend suggests that the achievements of AI companies like NVIDIA could potentially impact the value of AI-related tokens. As NVIDIA and other big techs continues to innovate in the AI industry, it will be intriguing to observe how this influences the AI token market moving forward. The boost in NVIDIA’s earnings and the subsequent surge in AI tokens underscore the interconnectedness and correlation of the tech and crypto markets. As AI continues to progress and shape various sectors, the ripple effects are likely to be felt in the crypto market as well. This is especially exciting as the upcoming Bitcoin halving is only two months away - something that historically has had a huge positive ripple effect for cryptocurrencies in general.
This text is intended to inform and is not an investment recommendation.
Best regards,
Adam Jakobsen.
NBX.
