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Despite a broader market correction, many artificial intelligence-based crypto tokens and stocks recorded positive growth on February 21, drawing attention. Popular artificial intelligence-based cryptocurrency projects have seen double-digit gains following a more than twofold increase in this category’s market value within a month.
High Interest in the Artificial Intelligence Sector
Render (RNDR), a decentralized network based on Ethereum that facilitates GPU rendering, showed an increase of over 17% in the last 24 hours. Similarly, The Graph (GRT), an indexing protocol for efficiently querying blockchain data, saw an 18% increase in the same period. Fetch.AI (FET) rose by 11%, while SingularityNet (AGIX) recorded a daily increase of 33%.
The total market value of artificial intelligence-based tokens has risen over 9% since Nvidia’s quarterly earnings report, reaching $17.8 billion. The market value of the artificial intelligence category jumped from $7 billion to $17 billion this month. AI tokens received a boost from Nvidia’s latest earnings report, but the momentum of AI-related tokens has been on the rise since last week, reaching the highest weekly trading volume of the year following OpenAI’s announcement of Sora, a text-to-video intermediary.
Nvidia and the Artificial Intelligence Industry
Many attribute the positive market growth of artificial intelligence tokens to Nvidia’s fourth-quarter earnings report, which exceeded market expectations. The GPU manufacturer reported revenues of $22.1 billion, surpassing Wall Street’s forecast of $20.4 billion. Nvidia’s artificial intelligence data center revenue quintupled in the January quarter compared to the previous year.
Nvidia CEO Jensen Huang also linked the increase in sales and revenue to the rising global demand for generative artificial intelligence. The GPU manufacturer, with a market value of $1.67 trillion, overtook Tesla as the world’s most traded stock. The surge in Nvidia’s AI sector also reflected in the AI cryptocurrency market, aiding several AI-focused stocks to record new highs. Nvidia’s supplier and the world’s largest contract GPU manufacturer, Taiwan Semiconductor Manufacturing Company (TSMC), saw an increase of up to 2.05% in the early hours of February 21.
Similarly, shares of server components supplier Super Micro Computer rose by 11.42% in post-market trading on February 20. Dutch chip equipment maker ASML saw a 2.7% increase in after-hours trading.
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