Despite Nvidia’s impressive first-quarter earnings report, the prices of artificial intelligence (AI) related cryptocurrency assets continue to fall, disappointing crypto investors. On May 23, Nvidia, a renowned player in the AI field, exceeded analyst estimates by generating $24.6 billion in revenue, marking an 18% increase from the previous quarter and a remarkable 262% increase from the previous year.
The earnings report was released after the closing of the New York Stock Exchange (NYSE) market on May 22. Following this, NVDA saw a 6.06% increase in after-hours trading, reaching $1,007 at the time of writing. For the latest financial and business news, visit COINTURK FINANCE.
However, despite the positive results, AI token prices did not experience a similar increase. Within just five hours of the earnings report’s release, the price of Render (RNDR), a platform supported by Ethereum that facilitates decentralized graphics processing units, dropped by 12%, falling to $10.38, according to CoinMarketCap data.
Crypto research firm Santiment revealed that a whale wallet transferred approximately $52.1 million to an unknown wallet, hinting that large wallet holders may be anticipating a sell-off.
Crypto investor and analyst D0C Crypto pointed out that RNDR did not witness a price increase until two days after Nvidia’s earnings report. Other AI-related crypto assets such as The Graph (GRT) experienced a 4.77% drop, Fetch.ai (FET) fell by 6.42%, and SingularityNet (AGIX) recorded a 6.25% decrease. However, investors remain confident that Nvidia’s results will eventually have a positive impact on the broader crypto market.
Please note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research. Stay updated with our news on Telegram, Facebook, Twitter, and Coinmarketcap.
