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On Wednesday, cryptocurrencies linked to Artificial Intelligence (AI) maintained substantial gains. Nvidia (NVDA) outperformed expectations in its second-quarter earnings, providing further evidence that the promising AI trend is not just a passing phase.
Nvidia has announced its Q2 revenue as $13.51 billion, surpassing the consensus forecast of $11.19 billion, as reported by FactSet data. The company's earnings per share for Q2 reached $2.70, outperforming the projected $2.08. Excitingly, the chipmaker has also provided its projection for the third quarter, anticipating a revenue of approximately $16 billion (with a margin of error of 2%), in contrast to earlier estimates of only $12.59 billion.
"Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI," said Jensen Huang, founder and CEO of Nvidia in a press release. "The race is on to adopt generative AI," he added.
Tokens like FET, GRT, INJ, RNDR, and AGIX have all recorded gains of over 4% in the last 24 hours, surpassing the 3% growth of the CoinDesk Market Index (CMI).
Today's outcome comes on the heels of Nvidia's exceptional first-quarter performance in the previous May, where they unveiled an exceedingly optimistic revenue forecast linked to AI. This positive attitude, combined with the expanding integration of AI into the mainstream through innovations like OpenAI's ChatGPT, had a cascading effect on AI-associated cryptocurrencies, propelling them to remarkable heights. However, despite a subsequent retreat alongside the broader market during the summer months, the impact remains noteworthy.
Nvidia's stocks surged over 7% in the U.S. after-hours trading, following a 3% increase during the standard trading session. According to TradingView data, the company's shares have soared by over 200% this year.
