With the growing popularity of artificial intelligence, the demand for GPUs has increased, leading to rapid growth for the industry’s leading supplier. The launch of OpenAI’s ChatGPT in November 2022 caused the company’s stock price to rise from $170 to $726. Today, the company announced its latest earnings report, which is breaking news.
NVIDIA and Artificial Intelligence
Artificial intelligence language models require computational power, especially after the announcement of a product named Sora by OpenAI, which will further increase this demand. With Microsoft, Google, and other giants entering the competition with OpenAI, the excitement around NVIDIA seems set to continue for a long time.
The giant chip manufacturer Nvidia (NVDA) exceeded already high expectations for its fourth-quarter earnings, triggering optimism in the stock markets. According to FactSet data, earnings per share for the fourth quarter were $5.16, while experts had forecast $4.59. Revenue was $22.1 billion against an expectation of $20.4 billion.
Rising Artificial Intelligence Altcoins
The company’s stock price has increased by a full 1595% over the past five years, which is epic for the stock markets. Of course, it wasn’t just its shares that increased in price; we also saw significant rises in altcoins in this field.
SingularityNet (AGIX) experienced an increase of about 20% following the report. At the time of writing, it was trading at $0.67. It had already reached an all-time high (ATH) of $0.71 hours before, rewarding those who saw the subsequent correction as an opportunity.
FetchAI (FET) showed an increase of over 10%, and Render (RNDR) increased by 8%. We had published the latest market assessment for these two altcoins hours ago, and you can access them through the search section.
Assuming NVIDIA’s stock will be supportive at the opening of the US market today, investors who ‘buy the expectation’ may push token prices even higher in the coming hours. Especially investors in Asian markets are quite sensitive to such clear opportunities, and the movement could accelerate with the opening of Asian markets shortly.
Bitcoin tried to reclaim the $52,000 mark but failed, and at the time of writing, it was at $51,750. The overall market sentiment could turn positive depending on whether the BTC price can sustainably stay above $52,000.
