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AI-focused crypto assets gained momentum last week ahead of tech giant Nvidia’s eagerly awaited Q2 earnings report. Near Protocol, Artificial Superintelligence Alliance (FET), Bittensor (TAO), and Render (RENDER) tokens achieved gains that outperformed the broader crypto market last week.
What is Happening in the AI Field?
The native token of the Layer-1 network Near surged 35% last week, reaching a four-week high of $5.20 on August 25. Fetch.ai, Ocean Protocol, and SingularityNET consortium Artificial Superintelligence Alliance saw even larger gains, with FET increasing nearly 70% in one week to reach $1.39 on August 26.
Blockchain data analysis platform Lookonchain observed significant gains and highlighted unusual whale transaction behavior for FET in a post on X on August 26. It noted that a whale seemed to regret selling at a lower price and then spent 2.38 million USDT to buy back 1.79 million FET tokens from Binance at a higher price of $1.33 on August 25.
Other AI-based crypto assets that performed well at the time of writing include Bittensor. The token gained 26% last week, reaching $350 on August 26. According to CoinGecko, Render also increased by approximately 40% in the last seven days, reaching $6.45 on August 26.
Details on the Subject
The rise in AI-related assets came as markets prepared for one of the year’s most important tech firm earnings reports. Nvidia will announce its second-quarter results on August 28. Dan Ives from Wedbush Securities, one of Wall Street’s most influential tech bulls, told Fortune on August 23 that this is the most important tech earnings report in years.
He believes the tech bull market has been driven by the demand for new data center capacity needed to power the numerous AI chatbots that have emerged in recent years. Ives wrote in a note dated August 22:
“There is one company at the foundation of the AI Revolution in the world, and that is Nvidia.”
Nvidia’s revenue increased by 18% in Q1 compared to Q4 of 2023 and by 262% compared to the same period a year earlier. Nvidia’s stock (NVDA) has surged 180% in the last 12 months, reaching an all-time high of $135 in mid-June.
