{"id":1486227,"date":"2024-08-27T13:45:00","date_gmt":"2024-08-27T17:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1486227"},"modified":"2024-08-27T13:45:00","modified_gmt":"2024-08-27T17:45:00","slug":"ai-tokens-surge-ahead-of-super-bowl-nvidia-earnings","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/ai-tokens-surge-ahead-of-super-bowl-nvidia-earnings\/1486227\/","title":{"rendered":"AI Tokens Surge Ahead Of ‘Super Bowl’ Nvidia Earnings"},"content":{"rendered":"

AI Tokens Surge Ahead Of ‘Super Bowl’ Nvidia Earnings<\/span><\/p>\n

\n

Artificial intelligence crypto tokens have surged over the past week ahead of a highly anticipated second-quarter earnings report from tech giant Nvidia.\u00a0<\/strong><\/p>\n

<\/a><\/p>\n

As Arijit Sarkar reports via CoinTelegraph.com,<\/a> the market capitalization of artificial intelligence and big data cryptocurrency projects and tokens has surged by 79.7% over the past three weeks, reflecting renewed confidence among crypto investors.<\/p>\n

On Aug. 6, the total market cap of AI and big data crypto projects recorded a yearly low of $18.21 billion, primarily due to its indirect reliance on the underperforming price of Bitcoin and crypto markets in general. At the time, Bitcoin\u2019s price fell sharply under $50,000,\u00a0according<\/a>\u00a0to data from Cointelegraph Markets Pro and TradingView.<\/p>\n

<\/a><\/p>\n

Market capitalization and volume of AI and big data tokens market. Source: CoinMarketCap<\/em><\/p>\n

Specifically, AI-focused tokens such as Near Protocol, Artificial Superintelligence Alliance (FET<\/a>), Bittensor (TAO<\/a>) and Render (RENDER<\/a>) have seen gains outpace the broader crypto market over the past week.<\/strong><\/p>\n

Proof-of-stake layer-1 network Near\u2019s native token surged 35% over the past week to hit a four-week high of $5.20 on Aug. 25.\u00a0<\/p>\n

Artificial Superintelligence Alliance \u2014 a\u00a0consortium<\/a>\u00a0of Fetch.ai, Ocean Protocol and SingularityNET \u2014 saw even bigger gains, with its FET token surging almost 70% in a week to reach $1.39 on Aug. 26.<\/p>\n

Onchain analytics platform Lookonchain\u00a0observed<\/a>\u00a0the big gains and noted strange whale transaction behavior in FET in an Aug. 26 X post.\u00a0<\/p>\n

It noted that a whale \u201cseemed to regret selling\u201d at a lower price before spending $2.38 million Tether\u00a0 to repurchase 1.79 million FET tokens from Binance at a higher price of $1.33 on Aug. 25.\u00a0<\/p>\n

<\/a><\/p>\n

FET price, one week chart. Source: Cointelegraph<\/em><\/p>\n

Other AI-affiliated crypto assets outperforming at the time of writing include TAO, which has gained 26% over the past week, topping $350 on Aug. 26.\u00a0<\/p>\n

RENDER is also up around 40% over the past seven days, climbing to $6.45 on Aug. 26, according to CoinGecko.\u00a0<\/p>\n

Most major AI tokens have fully\u00a0recovered from the market crash<\/a>\u00a0earlier in August.\u00a0<\/p>\n

Nvidia described as \u201cmost important tech earnings in years\u201d<\/h2>\n

The surge in AI-related assets comes as markets prepare for one of the year\u2019s most significant tech firm earnings reports. On Wednesday, Aug. 28, Nvidia will release its Q2 results.<\/p>\n

One of Wall Street\u2019s most influential tech bulls, Wedbush Securities\u2019 Dan Ives,\u00a0told<\/a>\u00a0Fortune on Aug. 23 that this is \u201cthe most important tech earnings in years.\u201d<\/strong><\/p>\n

He said he believes the tech bull market is driven by demand for new\u00a0data center<\/a>\u00a0capacity, which is needed to power the plethora of\u00a0AI chatbots<\/a>\u00a0that have emerged in recent years. In a note on Aug. 22, Ives wrote:<\/p>\n

\u201cThere is one company in the world that is the foundation for the AI Revolution, and that is Nvidia.\u201d<\/strong><\/em><\/p>\n

Mike Smith, a portfolio manager at Allspring Global Investments,\u00a0told<\/a>\u00a0Reuters:<\/p>\n

\u201cNvidia is the zeitgeist stock today,\u201d before adding, \u201cYou can think of their earnings four times a year as the Super Bowl.\u201d<\/strong><\/em><\/p>\n

Nvidia\u2019s revenue jumped 18%<\/a>\u00a0between Q3 2023 and Q1 2024 and has surged 262% in the past year.\u00a0<\/p>\n

Nvidia\u00a0stock<\/a>\u00a0has\u00a0skyrocketed<\/a>\u00a0a whopping 180% over the past 12 months, hitting an all-time high of $135 in mid-June. Its stock has recovered 30% since the market dump in August and traded at just under $130 at the close of markets on Friday. Aug. 23.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nTue, 08\/27\/2024 – 09:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/crypto\/ai-tokens-surge-ahead-super-bowl-nvidia-earnings<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

AI Tokens Surge Ahead Of ‘Super Bowl’ Nvidia Earnings Artificial intelligence crypto tokens have surged over the past week ahead of a highly anticipated second-quarter…<\/p>\n","protected":false},"author":0,"featured_media":1486228,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1486227","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1486227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1486227"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1486227\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1486228"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1486227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1486227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1486227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}