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As Nvidia approaches the release date for its first-quarter earnings report, expectations for the quarterly earnings have driven the company’s stock to the highest level in a month. The rally in Nvidia shares has led to a recovery in the cryptocurrency market, spearheaded by artificial intelligence-based altcoin projects.
Artificial Intelligence Altcoins Lead Market with Strong Rises
According to data from cryptocurrency price and data platform CoinGecko, decentralized GPU-based rendering solutions The Render Network’s mainnet asset RNDR has risen approximately 40% in the last seven days to $10,432, making it the asset with the largest increase among the top 100 cryptocurrencies by market value.
Other artificial intelligence altcoins such as SingularityNET’s AGIX, Bittensor’s TAO, and Fetch.ai’s FET also saw increases ranging from 20% to 30%, outperforming the general market. The largest cryptocurrency by market value, Bitcoin, saw a 1.7% increase during the same time period.
The cryptocurrency analysis platform DYOR’s relative strength crypto narrative tracker shows that decentralized AI altcoins and DePIN (or decentralized physical infrastructure) altcoins have been among the best performers over the last seven days.
Hitesh Malviya, founder of DYOR, told CoinDesk, “There is strong interest based on Nvidia’s upcoming quarterly earnings report. AI altcoins will continue to have higher cyclical conditions as they are directly related to all AI developments.”
Historically, Bitcoin and the broader cryptocurrency market developed a strong positive correlation with Nvidia’s shares, which were used to power mining devices before attracting the interest of artificial intelligence. Nvidia’s shares and the cryptocurrency market bottomed out in late 2022, and the release of OpenAI’s ChatGPT helped end nearly a year-long downtrend by increasing general awareness about AI.
Significant Developments Expected on May 22
Nvidia will announce the results for the first quarter of 2024 after the market closes on May 22, 2024. Zacks Investment Research expects the company’s earnings per share to increase by 403% to $5.49 compared to the previous year. According to Bloomberg, recent first-quarter results from other AI companies have been largely positive, and experts believe Nvidia’s will be the best.
With high expectations, Nvidia’s shares rose to $922 on the first trading day of the week, reaching the highest level since April 1. This rise corresponds to a recovery of over 20% from the low of $756 reached on April 19.
