Artificial intelligence (AI) related cryptocurrency assets’ prices continue to fall despite Nvidia’s impressive first-quarter earnings report, contrary to crypto investors‘ expectations. On May 23, Nvidia, known for its strong chipsets in the AI field, managed to exceed analyst estimates of $24.6 billion in revenue, with an 18% increase from the fourth quarter of last year and a 262% increase from the previous year.
Nvidia and the AI Field
The earnings report was released after the New York Stock Exchange (NYSE) market closed on May 22, and according to Yahoo Finance, NVDA reached $1,007 in after-hours trading, a 6.06% increase at the time of writing.
Some AI token investors were disappointed that the positive results did not lead to a similar increase in AI token prices. According to CoinMarketCap data, within just five hours of the earnings report’s release, Render (RNDR), a platform supported by Ethereum that enables the creation of decentralized graphics processing units, saw a 12% drop, with its price falling to $10.38.
However, according to data from crypto research firm Santiment, a known whale wallet sent approximately $52.1 million to an unknown wallet today, which may indicate that large wallet holders are expecting a sell-the-news process.
What’s Happening in the AI Field?
Popular crypto investor and analyst D0C Crypto noted that RNDR did not experience a price increase until two days after Nvidia’s recent earnings report and commented:
“During Nvidia’s Q4 earnings event in February, RNDR increased by 38% within 48 hours. If history repeats itself, RNDR could rise above $15 from its current price within 48 hours.”
Other AI-related crypto assets like The Graph (GRT) experienced a drop of approximately 4.77%. Similarly, Fetch.ai (FET) fell by 6.42%, while SingularityNet (AGIX) recorded a 6.25% decrease. However, investors are confident that Nvidia’s results will eventually flow into the broader crypto market and create a positive impact.
