News
Nvidia reports $26 billion in first-quarter revenue, AI crypto tokens show related gains
Share this article
Chip-making tech giant Nvidia has announced its first-quarter earnings, showing record quarterly revenue of $26 billion, up 5.5% versus market expectations. The company also confirmed that a ten-for-one forward stock split will be implemented by June 7, 2024. At the time of writing, Nvidia shares ($NVDA) were up 2.6% after the market close.
On the cryptocurrency front, AI tokens have seen notable gains, despite the subdued performance of the broader digital asset market, with the exception of Ethereum’s recent gains.
The AI token price increase comes as investors prepared for chipmaker giant Nvidia’s (NVDA) quarterly earnings report. Nvidia’s report is widely seen as the grand finale to a surprisingly strong earnings season for big tech companies.
Looking ahead, Nvidia expects revenue of $28.0 billion for the second quarter of fiscal 2025, plus or minus 2%. The company also announced a 150% increase in its quarterly cash dividend.
According to data from CoinGecko, several large-cap AI tokens have posted significant gains in the past 24 hours. Fetch.ai’s FET, Render’s RNDR, Bittensor’s TAO, and SingularityNET’s AGIX all advanced between 4% and 5%.
Meanwhile, the AIOZ Network (AIOZ) token rose 7% following Nvidia’s announcement that it has included the project in its Accelerated Applications Catalog, which allows users to search for tools and services based on Nvidia platforms.
A fusion between Fetch.AI, SingularityNET and Ocean Protocol was also approved by their respective communities, combining $FET, $AGIX and $OCEAN into $ASI for a total expected value of $7.5 billion.
Near Protocol’s native token (NEAR), a layer-1 (L1) network that gained attention when its co-founder spoke at an Nvidia conference earlier this year, also saw a gain of 2%. NEAR was the best performing asset, falling 0.6% alongside modest declines in both Bitcoin (BTC) and Ethereum (ETH).
The overall market decline comes on the heels of a breakneck rally driven by positive regulatory developments in the United States and falling bond yields as inflation concerns ease. Despite this, AI-focused tokens managed to buck the trend and post gains.
Nvidia’s earnings report is expected to confirm the excitement surrounding artificial intelligence and potentially offer a glimpse into the future of the stock. The company’s shares have risen more than 200% in the past 12 months, adding about $1.5 trillion to market value. With a market capitalization of $2.3 trillion, Nvidia’s weight in the S&P 500 index has increased from 2.2% to more than 5% over the past year.
Other tech giants, such as Microsoft, Alphabet, Amazon and Apple, have already reported strong earnings, showing that demand for AI services is helping fuel revenue growth. These results helped push the S&P 500 index to all-time highs.
Investors expect Nvidia to produce stellar earnings, with the company beating profit and sales estimates by at least 15% in recent quarters. However, there are some concerns about the launch of a new chip called Blackwell later this year, which could lead customers to slow down purchases of its predecessor until the new one is available.
Despite these concerns, the performance of AI-focused tokens is a testament to the growing excitement surrounding the AI sector and its potential impact on the future of technology and finance.
Share this article
The information on or accessed through this website is obtained from independent sources that we believe to be accurate and reliable, but Decentral Media, Inc. makes no representations or warranties as to the timeliness, completeness, or accuracy of any information on or accessed via this website. . Decentral Media, Inc. is not an investment advisor. We do not provide personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become obsolete or may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing can enrich articles with AI-generated content created by Crypto Briefing’s proprietary AI platform. We use AI as a tool to provide fast, valuable and actionable insights without losing the insight and oversight of native cryptocurrency experts. All AI-augmented content is carefully reviewed, including for factual accuracy, by our editors and writers, and we always draw from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision about an ICO, IEO or other investment based on the information on this website and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult with a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analysis or reporting on ICOs, IEOs, cryptocurrency, currency, tokenized sales, securities or commodities.