coindesk.com
Artificial Intelligence (AI) related cryptocurrencies rose as Nvidia (NVDA) beat its second quarter earnings estimates, proving bullish AI trend is here to stay.
Nvidia said its second quarter revenue was $13.51 billion versus its forecast of $11 billion and estimate of $11.19 billion, according to FactSet data. The chipmaker's second quarter earnings per share was $2.70 beating estimate of $2.08 per share. The company also said it expects third quarter revenue to be about $16 billion (plus or minus 2%), versus estimate of $12.59 billion.
"Companies worldwide are transitioning from general-purpose to accelerated computing and generative AI," said Jensen Huang, founder and CEO of Nvidia in a press release. "The race is on to adopt generative AI," he added.
Tokens such as FET, GRT, INJ, RNDR and AGIX all were up more than 4% on on 24-hours basis.
This would mark Nvidia's first quarterly report since blowing the roof off of Wall Street's estimates in May and revealing an extremely bullish outlook for revenue tied to AI. This sentiment, coupled with increasingly AI mainstream reach with the likes of OpenAI’s ChatGPT, spilled over onto AI-related cryptocurrencies, sending them soaring previously.
The shares of the chipmaker rose more than 7% in U.S. after-hours trading. The shares rose about 3% on Wednesday, heading into the earnings and were up more than 200% this year, according to TradingView data.