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Nvidia is set to release its earnings report in nine days, capturing the attention of analysts and investors. With the chipmaker’s strong track record and the booming AI sector, expectations are high.
This anticipation also stirs interest in AI-related cryptocurrencies as market watchers speculate on potential impacts.
Nvidia Earnings Could Boost AI Coins
Deutsche Bank analysts predict Nvidia will continue its streak of multi-billion dollar beats, thanks to the soaring demand for AI computing. Despite some reduction in orders ahead of the Blackwell launch, Nvidia’s near-term outlook remains strong.
Analysts lauded Nvidia’s best-in-class technology roadmap and believe the AI enthusiasm will lead to another robust quarter. However, they noted a shift in investor sentiment, maintaining a “hold” rating on Nvidia shares, considering them “fully valued.”
“Investors apparently have become more discerning of AI-driven upside in earnings season QTD, and we believe continued fundamental strength is already well understood,” analysts remarked.
Contrarily, Wells Fargo analysts have a more optimistic view. They anticipate an upside in Data Center revenue, projecting it to reach $23 to $24 billion, surpassing Wall Street’s estimate of approximately $21.1 billion. This led them to raise Nvidia’s target price from $970 to $1,150, marking a significant potential upside from the last closing price.
Read more: AI Stocks: Best Artificial Intelligence Companies To Know in 2024
As Nvidia gears up for its earnings report, the crypto community is excited about AI coins. Crypto Rand highlighted the potential impact of Nvidia’s earnings on AI coins like Render (RNDR). The anticipation of OpenAI’s GPT-4o launch is also fueling the AI narrative.
Other Prominent voices in the crypto market are also weighing in. Mister Crypto predicted a surge in AI coins post-Nvidia’s earnings, while The Crypto Dog recommended a long-term position in NEAR, citing its strength in the AI trend.
On the other hand, Cyclop, a crypto analyst, emphasized the growing popularity of AI, citing several AI-driven projects:
- PALM AI: Focuses on multi-platform AI solutions with a $79 million market cap.
- GraphLinq: A no-code automation platform with a $32 million market cap.
- VoluMint: Enhances crypto market-making, with a $16 million market cap.
- Atlas: Uses AI for real-time road conditions, with a $11 million market cap.
- ChainGPT: Develops AI tools for Web3, with a $110 million market cap.
- Sleepless AI: Blends AI and blockchain for gaming, with a $163 million market cap.
- Node AI: Offers AI and GPU resources, with a $126 million market cap.
- enqAI: Creates bias-free AI models, with a $53 million market cap.
- EMC Network: Uses blockchain for AI applications, with a $29 million market cap.
- AQTIS: Provides AI-powered DeFi tools, with a $13 million market cap.
Read more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
As Nvidia’s earnings day approaches, traditional and crypto markets are poised for potential shifts driven by the company’s performance and the growing AI ecosystem.