Nvidiaās recent quarterly report has taken the market by storm, revealing a 769% surge in net income compared to last year. This leap far exceeded Wall Streetās predictions.
Consequently, Nvidiaās shares soared by about 10% in after-hours trading.
SponsoredAI Tokens Skyrocket After Nvidiaās Stellar Earning Report
The companyās adjusted earnings per share stood at $5.16, surpassing the expected $4.64. Moreover, its revenue reached $22.10 billion, outdoing the forecast of $20.62 billion. The revenue also increased 265% compared to the previous year.
This financial triumph highlights Nvidiaās stronghold in the AI sector. The companyās advanced graphics processors are pivotal for developing large AI models. CEO Jensen Huang remains optimistic about sustained growth. He emphasizes the continuous demand for Nvidiaās GPUs, fueled by generative AI and a shift toward accelerator technologies.
āStrong demand was driven by enterprise software and consumer internet applications, and multiple industry verticals including automotive, financial services and health care,ā the company said.
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Significantly, Nvidiaās Data Center business, particularly the Hopper series chips like the H100, drove this growth. This segmentās revenue spiked by 409% to $18.40 billion. Such figures underscore AIās critical role in Nvidiaās strategy.
SponsoredAI Crypto Tokens Pushed Higher
In parallel, the AI crypto token market has responded positively to Nvidiaās earnings announcement. This response underscores the intricate bond between AI advancements and blockchain technology.
For instance, Render (RNDR) witnessed a 7.73% increase in value. This Ethereum-based network facilitates decentralized GPU rendering. Similarly, The Graph (GRT) saw an 11.19% rise. It serves as an indexing protocol for querying blockchain data efficiently.
Moreover, Fetch.AI (FET) and SingularityNET (AGIX) have also seen substantial gains. Fetch.AI, aiming to build a decentralized machine learning network, enjoyed a 4% price increase. SingularityNET, which allows the creation and monetization of AI services on the blockchain, experienced a remarkable 27.62% surge.
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These gains reflect Nvidiaās direct impact on the AI token market. They also indicate a broader market belief in AIās transformative potential across various industries.
Ethereum co-founder Vitalik Buterinās recent praise for AI applications, particularly in enhancing blockchain security and efficiency, further highlights the growing synergy between AI and blockchain technologies.
