Major AI-related cryptocurrencies saw significant declines after Nvidia released its second-quarter 2024 earnings report. Although Nvidia reported revenue of $30 billion, up 15% from the first quarter and beating expectations by about $1.32 billion, it failed to satisfy investors.
Within hours of the earnings release, AI Super Alliance (FET) was down about 7.8%, Bittensor (TAO) was down 4.5%, and Render (RNDR) was down 6.8%. Market commentator Lisa Abramowicz pointed out that although the results exceeded expectations, investors had expected better performance from Nvidia.
Nvidia shares closed down 2.10% at $125.61 on August 28 and fell a further 6.89% to $116.95 in after-hours trading. The performance of AI crypto tokens has been closely tied to Nvidia’s previous performance, with analysts predicting that the AI crypto token could fall following the earnings release.
Earlier, on August 5, Bitcoin fell below $50,000 for the first time, and in the following three weeks, the market value of the artificial intelligence and big data cryptocurrency project surged 79.7%. However, the overall market continues to face challenges, with the combined market capitalization of artificial intelligence and big data crypto projects hitting a new yearly low at $18.21 billion.
Overall, despite the short-term decline, related tokens still have the potential to rise in the long term as AI technology continues to develop and be applied. Investors need to pay attention to market trends and technological innovations in order to identify possible investment opportunities.
The current price of IO is 1.751
$FET FET current price 1.231
