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Nvidia, the world’s largest chip maker is scheduled to release Q4 2023 earnings on Feb. 21, 2024, market trends examines how its top-ranked Crypto AI tokens could react.
Reminiscent of NVIDIA’s strategic importance to the global Artificial Intelligence sector, the top 5 crypto AI tokens have mirrored NVDA stock price movement, since January 2023.
Internet Computer (ICP), TheGraph (GRT) FetchAI (FET), SingularityNET (AGIX) and Ocean protocol (OCEAN) could be on the verge of another major price breakout.
AI surge triggers NVIDIA’s remarkable stock price performance
Driven by the emergence of OpenAI in January 2023, Artificial Intelligence (AI) has gained significant investor mindshare in the past year. And the global AI rave has also spread towards the cryptocurrency sector.
Generative AI and AI-related startups raised nearly $50 billion in 2023, per Crunchbase data. Evidently, AI has been at the center stage of global investing in the past year, and NVIDIA has been at the center of the rave, with its industry-leading chips manufacturing business.
Unsurprisingly, NVIDIA has scored significant gains amid the AI rave. And between January 1, 2023 and February 20, 2024, the NVDA stock price increased 400% from $126 to $726. Market watchers have pegged NVIDIA’s expected performance at $4.18 earnings per share for Q4 2023.
And on Feb. 21 NVIDIA is scheduled to release its official earnings report for Q4 2023. Market watchers have pegged NVIDIA’s expected performance at $4.18 earnings per share for Q4 2023.
Notably it has outperformed consensus market expectations at each of the last 3 earnings calls dating back to January 2023. During that period, the AI rave has also reverberated through among crypto investors.
Crypto AI tokens’ emergence has correlated to NVIDIA’s performance
The valuation of 5 of the largest crypto AI tokens, Internet Computer (ICP), TheGraph (GRT) FetchAI (FET), SingularityNET (AGIX) and Ocean protocol (OCEAN), has increased significantly since January 2023, sharing a stark similarity to NVDA stock price accent.
As seen in the chart below, the cumulative market capitalization of ICP, GRT, FET and AGIX grew from $1.8 billion to $10.2 billion between Jan. 1 2023 and Feb. 20 2024,
The 463% increase in the cumulative market cap of the 5 largest crypto AI tokens in the past year, is in keeping with NVIDIA’s 397% stock price surge during that period.
If NVIDIA earnings beats markets’ estimates for a 4th consecutive quarter, Crypto AI tokens rally could gain more momentum.
Read more: Ethereum’s Dencun readies for mainnet launch; investors explore new AI coin