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AI tokens are surging ahead of Nvidia’s highly anticipated second-quarter earnings report, with some top tokens rising by as much as 70% in the past week. This AI tokens surge has pushed Artificial intelligence-based crypto assets significantly above the broader crypto market, with Near Protocol (NEAR) leading the rally. The native token of this proof-of-stake layer-1 network has jumped 35% over the past week, reaching a four-week high of $5.20 on August 25.
“We’re seeing a significant surge in AI-related assets, driven by the upcoming Nvidia earnings report,” said Michael Farkas, founder of crypto investment firm, Usonia Global. “Investors are betting on Nvidia’s continued dominance in the AI space.”
The Artificial Superintelligence Alliance (FET) saw even bigger gains, with its token surging almost 70% in a week to reach $1.39 on August 26. Onchain analytics platform Lookonchain observed strange whale transaction behavior in FET, noting that a whale “seemed to regret selling” at a lower price before spending $2.38 million Tether USDT to repurchase 1.79 million FET tokens from Binance at a higher price of $1.33 on August 25.
Other AI-affiliated crypto assets outperforming at the time of writing include TAO, which has gained 26% over the past week, topping $350 on August 26. RENDER is also up around 40% over the past seven days, climbing to $6.45 on August 26, according to CoinGecko.
The surge in AI-related assets comes as markets prepare for one of the year’s most significant tech firm earnings reports. On Wednesday, August 28, Nvidia will release its Q2 results. One of Wall Street’s most influential tech bulls, Wedbush Securities’ Dan Ives, told Fortune on August 23 that this is “the most important tech earnings in years.”
Dan Ives believes the tech bull market is driven by demand for new data center capacity, which is needed to power the plethora of AI chatbots that have emerged in recent years. In a note on August 22, Ives wrote: “There is one company in the world that is the foundation for the AI Revolution, and that is Nvidia.”
Mike Smith, a portfolio manager at Allspring Global Investments, told Reuters: “Nvidia is the zeitgeist stock today,” before adding, “You can think of their earnings four times a year as the Super Bowl.
Nvidia’s revenue jumped 18% between Q3 2023 and Q1 2024 and AI tokens surge 262% in the past year. Nvidia stock has skyrocketed a 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, August 23.
As Nvidia’s earnings report approaches, investors are taking notice of the AI token space. With gains of up to 70% in the past week, AI tokens are surging ahead of the “Super Bowl” of earnings reports.
“The AI token market is on fire, and we’re seeing significant gains across the board,” said Farkas. “Investors should keep a close eye on this space, as Nvidia’s earnings report could be a major catalyst for further growth.”
In conclusion, the AI token market is experiencing a notable surge, fueled by Nvidia’s highly anticipated earnings report, which many believe will be a game-changer for the industry. As investor interest and market sentiment reach new highs, all eyes are on how the tech giant’s performance will influence the broader market trajectory.
The recent 70% rise in AI tokens reflects a growing confidence in the sector’s potential for significant returns, but as always, investors should remain vigilant and consider the inherent risks associated with such rapid gains. Whether this momentum will sustain or correct post-earnings remains to be seen, but one thing is clear: the AI token market is capturing global attention like never before. Get more from The Bit Gazette.
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