AI-Focused Cryptocurrencies Soar Ahead of Nvidia's Earnings Report
RNDR
$11,025
-0.33%
FET
$2.5919
+3.85%
AGIX
$1.09040
+4.38%
Artificial intelligence (AI)-focused cryptocurrencies surged Wednesday despite weak activity in the broader digital asset market ahead of Nvidia's quarterly earnings report, according to CoinDesk. Large-cap AI tokens like Fetch.ai's FET, Render's RNDR, Bittensor's TAO, and SingularityNET's AGIX have lost 4%-5% in the last 24 hours, according to CoinGecko data. saw an increase. The token of the AIOZ Network (AIOZ), part of the Decentralized Physical Infrastructure Network (DePin), saw a 7% increase on the day following the announcement that the project was listed in the Nvidia Accelerated Applications Catalog.
Near Protocol (NEAR), the native token of the layer-1 (L1) network that gained attention when its co-founder spoke at an Nvidia conference earlier this year, saw a 2% increase during the same period. It was the best-performing asset in the CoinDesk 20, down 0.6%, alongside moderate declines in Bitcoin and Ethereum. The broader decline in the market follows several days of rapid gains, driven by positive regulatory developments in the US and falling bond yields as inflation fears ease.
Nvidia shares fell 1.5% just before the close of regular trading on Wednesday, with earnings results due after the bell. Patrick Moorhead, founder and CEO of Moor Insights & Strategy, said in an interview with Yahoo Finance earlier this week that he expects the company to clearly exceed expectations. The stock is up 90% this year and more than 200% over last year.