Despite Nvidia’s impressive first-quarter earnings report, the prices of artificial intelligence (AI) related cryptocurrency assets are continuing to decline, disappointing crypto investors. On May 23, Nvidia, a prominent player in the AI field, exceeded analyst expectations by generating $24.6 billion in revenue, marking an 18% increase from the previous quarter and a staggering 262% increase from the previous year.
The earnings report was released after the New York Stock Exchange (NYSE) market closed on May 22. Immediately after the release, NVDA saw a 6.06% increase in after-hours trading, reaching $1,007. However, the positive results did not translate into a similar increase in AI token prices, leaving some investors disheartened. Within just five hours of the earnings report, Render (RNDR), an Ethereum-supported platform enabling decentralized graphics processing units, experienced a 12% drop, with its price plummeting to $10.38.
Interestingly, crypto research firm Santiment observed that a whale wallet had transferred $52.1 million to an unknown wallet on the same day. This suggests that large wallet holders may be anticipating a sell-off following the positive news.
Crypto investor and analyst D0C Crypto pointed out that RNDR did not experience a price increase until two days after Nvidia’s earnings report. Other AI-related crypto assets, such as The Graph (GRT), Fetch.ai (FET), and SingularityNet (AGIX), also saw declines of approximately 4.77%, 6.42%, and 6.25% respectively. Despite these setbacks, investors remain optimistic that Nvidia’s results will eventually have a positive impact on the broader crypto market.
It is important to note that the information provided in this article should not be regarded as investment advice. Investors should exercise caution due to the high volatility and risks associated with cryptocurrencies, and conduct their own research. Stay updated with the latest financial and business news on COINTURK FINANCE, and follow us on Telegram, Facebook, Twitter, and Coinmarketcap.
