Despite Nvidia’s impressive first-quarter earnings report, the value of artificial intelligence (AI) related cryptocurrency assets continues to decline, disappointing crypto investors. On May 23, Nvidia, a renowned player in the AI field, surpassed analyst expectations with an 18% increase in revenue from the previous quarter and a 262% increase from the previous year, amounting to $24.6 billion.
After the New York Stock Exchange market closed on May 22, Nvidia’s stock (NVDA) rose by 6.06% in after-hours trading, reaching $1,007. However, AI token prices did not experience a similar surge, leading to disappointment among investors. Within five hours of the earnings report’s release, Render (RNDR), an Ethereum-supported platform for decentralized graphics processing units, saw a 12% drop in price, falling to $10.38, according to CoinMarketCap data.
Despite this, there are indications that large wallet holders are expecting a sell-the-news process, as a known whale wallet transferred approximately $52.1 million to an unknown wallet, as reported by crypto research firm Santiment.
Crypto investor and analyst D0C Crypto pointed out that RNDR’s price increase did not occur until two days after Nvidia’s earnings report. Other AI-related crypto assets, such as The Graph (GRT), experienced a decline of around 4.77%, while Fetch.ai (FET) and SingularityNet (AGIX) fell by 6.42% and 6.25% respectively. Nevertheless, investors remain optimistic that Nvidia’s positive results will eventually have a positive impact on the broader crypto market.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research. Stay updated with the latest financial and business news by visiting COINTURK FINANCE and following our news on Telegram, Facebook, Twitter, and Coinmarketcap.
