๐๐ฟ๐ฒ๐ญ๐ฒ๐ชโ๐ผ ๐ผ๐ฑ๐ช๐ป๐ฎ ๐น๐ป๐ฒ๐ฌ๐ฎ ๐ผ๐ช๐ ๐ช ๐๐% ๐ฒ๐ท๐ฌ๐ป๐ฎ๐ช๐ผ๐ฎ ๐ช๐ฏ๐ฝ๐ฎ๐ป ๐ช ๐ซ๐ป๐ฒ๐ฎ๐ฏ ๐ผ๐ต๐พ๐ถ๐น ๐ญ๐พ๐ป๐ฒ๐ท๐ฐ ๐ฝ๐ฑ๐ฎ ๐น๐ป๐ฎ๐ฟ๐ฒ๐ธ๐พ๐ผ ๐ฝ๐ป๐ช๐ญ๐ฒ๐ท๐ฐ ๐๐ฎ๐ฎ๐ด, ๐น๐ป๐ธ๐ถ๐น๐ฝ๐ฒ๐ท๐ฐ ๐ช๐ท๐ช๐ต๐๐ผ๐ฝ๐ผ ๐ฝ๐ธ ๐ผ๐น๐ฎ๐ฌ๐พ๐ต๐ช๐ฝ๐ฎ ๐ช๐ซ๐ธ๐พ๐ฝ ๐ฝ๐ฑ๐ฎ ๐น๐ป๐ฒ๐ฌ๐ฎ ๐ถ๐ธ๐ฟ๐ฎ๐ถ๐ฎ๐ท๐ฝ๐ผ ๐ธ๐ฏ ๐๐ ๐ฌ๐ป๐๐น๐ฝ๐ธ ๐ฝ๐ธ๐ด๐ฎ๐ท๐ผ.
The share price of Nvidia โ one of the biggest producers of graphics processing units (GPUs) โ has recovered by 15% this week, leading analysts to speculate whether โbottomed outโ artificial intelligence (AI) crypto tokens will follow suit.
โThis is absolutely insane,โ trading resource The Kobeissi Letter declared in an April 27 post on X, while pointing out the major climb seen in Nvidiaโs market cap within the past trading week:
โThe stock has jumped from a low of $756 to $880+, adding ~$320 BILLION in market cap,โ it added.
Even though AI crypto tokens have faced price drops across the board, analysts are hopeful that Nvidiaโs strong performance will have a positive effect, as they claim was the case in the previous market cycle.
Pseudonymous crypto trader Crypto Stream explained in an April 26 post on X that his โbase assumptionโ for investing in AI tokens revolves around the performance of Nvidia. Its anticipated Q1 2024 earnings report will be released publicly on May 22.
โMany TradFi investors are probably waiting for this data before making their next move. Donโt forget they felt a lot of FOMO when NVIDIA pumped non-stop,โ they explained.
Meanwhile, Pseudonymous crypto trader CryptoGodJohn told their 668,100 X followers on April 27 that it โshould be an exciting few weeks leading into the Nvidia earnings.โ
โA lot of AI coins looking bottomed out here,โ CryptoGodJohn further added.
Render (RNDR) is down 6.89% over the past 24-hours, while Fetch.AI (FET) dipped 6.12%, and SingularityNET (AGIX) has declined 5.47% over the same time period, according to CoinMarketCap data.
NVDA saw a recovery of 15% since the end of trading on April 19, when the stock closed at $762. By the end of the trading week on April 26, the share price had reached $877.
Within the past 24 hours alone, NVDA rose 6.18%, according to Google Finance data.
AI crypto tokens experienced price jumps after Nvidiaโs strong performance was released in its fourth quarter 2023 earnings report in February.
On Feb. 26, Cointelegraph reported that following Nvidia announcing breakout earnings, AI crypto tokens saw a surge in value. The firmย announced revenue and earnings of $22.1 billion and $12.3 billion, respectively, in Q4 2023, representing increases of 265% and 769% compared with Q4 2022.
Just days before, on Feb. 22, it was reported that the total market cap of AI-based tokens swelled by over 9% to $17.8 billion since Nvidiaโs quarterly earnings report and has risen from $7 billion earlier in the month.
