AI coins market cap hits ATH following better-than-expected Nvidia’s earnings report
The post AI coins market cap hits ATH following better-than-expected Nvidia’s earnings report appeared on BitcoinEthereumNews.com.
AI-focused cryptocurrencies rallied over the past week following a highly bullish quarterly sales report from Nvidia, which exceeded estimates. NEAR Protocol (NEAR), the largest AI coin by market cap, rose 20% over the past 7 days, trading at $6.67 per coin at press time. Internet Computer (ICP), Bittensor (TAO), FET, and SingularityNET (AGIX) hit gains of 26.4%, 20.6%, 20.4% and 21.7,% respectively in the same period. Meanwhile, other AI tokens such as Qubic (QUBIC), Virtuals Protocol (VIRTUAL), Grass (GRASS), and Livepeer (LPT) recorded much higher gains of 79.5%, 61%, 58%, and 41.9,% respectively. All these gains helped push the total AI coins market cap to hit an all-time high of $42.19 billion. The AI sector rallied after Nvidia‘s better-than-expected third-quarter earnings report, which revealed record quarterly sales of $35.1 billion, surpassing earlier estimates of $32.5 billion. In the third-quarter call with investors, Nvidia CEO Jensen Huang highlighted a significant uptick in demand for the company’s latest Blackwell chip. He added that the surge in demand has raised expectations of surpassing the earlier estimate of $7 billion in revenue for Q4 2025. Nvidia’s stock has climbed over 180% this year, nearly tripling on the back of strong sales growth and its commitment to generative AI and accelerated computing technologies. Nvidia stock price | Source: Google Finance Analysts at Citi have placed Nvidia on a “positive catalyst watch,” forecasting that its shares could climb by up to 27% to a $175 price target within the next 90 days, driven by rising sales of Blackwell chips as 2025 approaches. AI-related cryptocurrencies often rally on bullish news about Nvidia, as previously reported by Crypto.news, when several of these tokens posted gains in November after Nvidia briefly surpassed Apple as the world’s most valuable company. This time, AI-related coins have also benefited from policy shifts…
Filed under: News - @ November 28, 2024 9:24 am