Artificial intelligence-based crypto assets have been surging over the past week ahead of a highly-anticipated Q2 earnings report from tech giant Nvidia.
AI tokens such as Near Protocol (NEAR), Artificial Superintelligence Alliance (FET), Bittensor (TAO), and Render (RENDER) have seen gains outpace the wider crypto market over the past week.
Proof-of-stake layer-1 network Near’s native token surged 35% over the past week to hit a four-week high of $5.20 on Aug. 25.
Artificial Superintelligence Alliance, a consortium of Fetch.ai, Ocean Protocol, and SingularityNET, saw even bigger gains, with its FET surging almost 70% in a week to reach $1.39 on Aug. 26.
Onchain analytics platform Lookonchain observed the big gains and noted strange whale transaction behavior over FET in a post on X on Aug. 26.
It noted that a whale “seemed to regret selling” at a lower price before spending $2.38 million USDT to buy 1.79 million FET tokens back from Binance at a higher price of $1.33 on Aug. 25.
FET price 1 week. Source: Cointelegraph
Other AI-based crypto assets outperforming at the time of writing include Bittensor, which has gained 26% over the past week, and TAO, which topped $350 on Aug. 26.
Render is also up around 40% over the past seven days climbing to $6.45 on Aug. 26, according to CoinGecko.
Most major AI tokens have now fully recovered from the big market crash earlier this month.
Nvidia described as “most important tech earnings in years”
The surge in AI-related assets comes as markets prepare for one of the year's most significant tech firm earnings reports. On Wednesday, Aug. 28, Nvidia will release its second-quarter results.
One of Wall Street’s most influential tech bulls, Wedbush Securities’ Dan Ives, told Fortune on Aug. 23 that this is “the most important tech earnings in years.”
He believes that 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 Aug. 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% in Q1 from Q4 2023 and surged 262% from the same period a year ago.
Nvidia stock (NVDA) has skyrocketed a whopping 180% over the past 12 months, hitting an all-time high of $135 in mid-June. Company stock has recovered 30% since the market dump earlier this month and was trading at just below $130 at the close of markets on Friday. Aug. 23.
Nvidia stock price YTD. Source: MarketWatch
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