Key Takeaway:
- Artificial Intelligence-focused cryptocurrencies and stocks are in the spotlight as Nvidia shares its quarterly results.
- Market cap of AI tokens rose by over 13.7% on Aug. 24, with trading volume reaching $1.7 billion.
- Nvidia’s stock has surged by over 161% this year, showing strong revenue growth.
- Companies like Akash Network, Render Token, and Bittensor are aligned with Nvidia’s business in the AI and semiconductor industry.
Nvidia Quarterly Results and AI Tokens
Next week, Nvidia will release its quarterly results, and AI-focused cryptocurrencies and stocks will be in focus. Market cap of AI tokens rose by over 13.7% on Aug. 24, with trading volume reaching $1.7 billion according to CoinGecko. Nvidia’s stock has surged by over 161% this year, reflecting strong revenue growth. Analysts expect Nvidia’s revenue to grow to $28.6 billion in the second quarter, showing a positive trend for AI demand.
Impact of Nvidia’s Results on AI Tokens
Positive results from Nvidia could lead to higher prices for associated assets in the AI sector. Akash Network and Render Token are aligned with Nvidia’s business in the intersection of blockchain and semiconductors. Both offer distributed GPU rendering solutions on the blockchain network. Bittensor also offers a decentralized platform for creating machine intelligence solutions, with its token rising by 106% from its lowest point in August. Other top AI tokens to watch include AIOZ Network, Arkham, The Graph, and Internet Computer (ICP).
