Nvidia Smashes Earnings Estimates, Fuels AI Boom and Altcoin Run
CEO Jensen Huang sees AI as a catalyst for the next industrial revolution, enhancing productivity across industries.
AI’s influence extends to the crypto sector, triggering a surge in AI-related cryptos, including the first AI-memecoin.
Nvidia has released its most recent sales forecast and it is set to exceed expectations. Analysts had predicted US$26.8 billion (AU$40.5 billion) in second-quarter revenue, but according to Bloomberg citing the chipmaker it will be about US$28 billion (AU$42.2 billion).
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The company is at the forefront of the artificial intelligence boom and has benefited immensely from AI computing demand. CEO Jensen Huang is optimistic about the future of Nvidia and AI, saying the “next industrial revolution has begun”.
In a statement he added his thoughts about the significant influence AI will have:
AI will bring significant productivity gains to nearly every industry and help companies be more cost- and energy-efficient, while expanding revenue opportunities.
AI Altcoins Rally, Including First AI-Memecoin
Not surprisingly, the good news of the chipmaker has sparked enthusiasm in the crypto industry and led to a rally among AI-related crypto projects. And, even the AI sector can’t avoid the memecoin craze it seems.
Turbo (TURBO), 24-graph, source: CoinMarketCap
TURBO, apparently the first memecoin created by AI, has gained over 30% in the past 24 hours. The project started as a “bold experiment in cryptocurrency creation”.
The developer claims that the token is coded by ChatGPT-4, according to the project’s website and listed on over 30 exchanges including OKX and HTX. They added that it aims to “create the next great meme coin”.
But Turbo is not the only AI-related project to soar, more serious altcoins like Node AI, Spectre AI, NetMind Token and Bittensor all rallied on the Nvidia news.
AIOZ Network also made gains, but less than others, despite having announced some developments of its own. The AI project said it has partnered with Nvidia and will be the first DePIN project featured in the Nvidia Accelerated Applications project.
Chipmaker World Gets Competitive
In related news, AMD has just come out with statements challenging Nvidia’s stronghold on the chipmaker crown. During the Microsoft Build conference in Seattle earlier this week, AMD senior director Ian Ferreira encouraged builders to use AMD products:
I just wanted to remind everybody that if you’re using PyTorch, TensorFlow or JAX, you can use your notebooks or scripts, they’ll just run on AMD. Same with inferencing engines. BLLM and Onyx also work out of the box.
In 2023 AMD unveiled the MI300X AI Accelerator chip as a competitor to Nvidia’s H100, which was at the time considered the leading GPU chip on the market.
Nvidia has already released the H200 which outperforms the H100 and is slated to release the B100 later this year – expected to be significantly more powerful.
Time will tell who wins the chip war – but, as they say, competition is good for the consumer.
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The post Nvidia Smashes Earnings Estimates, Fuels AI Boom and Altcoin Run appeared first on Crypto News Australia.
Filed under: Bitcoin - @ May 23, 2024 7:26 am