NVIDIA’s strong earnings propel AI token surge.
AI tokens like FET, RNDR, and AGIX surged between 4% and 5% in 24 hours.
NVIDIA reported revenue of $26.044 billion, surpassing the expected $24.65 billion.
Altcoin Buzz presenter Cody Buffington has observed a surge among Artificial Intelligence (AI) tokens following NVIDIA’s Q1 earnings report. According to Buffington, large-cap AI tokens like Fetch.ai (FET), Render (RNDR), and SingularityNET (AGIX) advanced between 4% and 5% in the 24 hours leading up to his presentation.
In a recently uploaded video, Buffington highlighted that NVIDIA’s Q1 report demonstrated its performance exceeded expectations for both sales and earnings, triggering a significant rise in its stock price. The Altcoin Buzz presenter explained that the company’s performance underscores the ongoing robust demand for AI chips, with notable gains in its data center sales and networking components.
Citing NVIDIA’s released data, Buffington noted that the American tech giant reported revenue of $26.044 billion, surpassing the expected $24.65 billion. The chip maker’s net income also increased, reaching $14.88 billion or $5.98 per share. In comparison, Buffington noted that in Q1 2023, NVIDIA’s net income was $2.04 billion or $0.82 per share.
Furthermore, Buffington emphasized that NVIDIA generated $7.7 billion during Q1 and paid $98 million in dividends while also announcing a 10 to 1 forward stock split to make stock ownership more accessible. Each holder of the common stock, as of June 6, 2024, will receive nine additional shares.
Notably, NVIDIA’s stock price surged, after the announcement, to surpass the $1,000 mark. As a result, AI-related cryptocurrencies began to rally, with large-cap AI tokens recording significant upward movements. Buffington pointed out that AIOZ Network (AIOZ) jumped 7% following an announcement that the chip maker listed the project on the NVIDIA accelerator’s catalog. Additionally, Buffington observed that NEAR Protocol (NEAR) saw a 2% gain during the same period.
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