NVIDIA, the leading chip manufacturer globally, is set to unveil its Q4 2023 earnings on February 21, 2024. Market trends analysis delves into the potential response of its highly regarded Crypto AI tokens.
Reflecting NVIDIA's crucial role in the global Artificial Intelligence sector, the performance of the top 5 crypto AI tokens, namely Internet Computer (ICP), TheGraph (GRT), FetchAI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN), has closely followed the movement of NVDA stock since January 2023. There's a possibility that these tokens, poised on the edge, might experience another significant price breakout.
"Strong Momentum in AI Drives Impressive Gains in NVIDIA's Stock Price"
With the rise of OpenAI in January 2023, the past year has witnessed a substantial increase in investor interest in Artificial Intelligence (AI). This enthusiasm for AI has extended into the cryptocurrency sector as well.
According to Crunchbase data, Generative AI and startups focused on AI collectively secured close to $50 billion in funding throughout 2023. Clearly, AI has taken a prominent position in global investment trends over the past year, and NVIDIA, with its leading chip manufacturing business, has played a central role in this narrative.
As expected, NVIDIA has experienced substantial growth during the AI surge. From January 1, 2023, to February 20, 2024, the NVDA stock has surged by an impressive 400%, climbing from $126 to $726. Analysts anticipate NVIDIA's performance in Q4 2023 to reflect earnings per share of $4.18, according to market observers.
Looking ahead, on February 21, NVIDIA is set to unveil its official earnings report for Q4 2023. Analysts anticipate NVIDIA's performance to be around $4.18 earnings per share for the same quarter.
It's worth highlighting that NVIDIA has consistently surpassed consensus market expectations in each of the last three earnings calls since January 2023. During this timeframe, the surge in AI has also made waves among crypto investors.
The rise of Crypto AI tokens has been closely linked to NVIDIA's performance.
The value of the top 5 crypto AI tokens, namely Internet Computer (ICP), TheGraph (GRT), FetchAI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN), has witnessed a substantial surge since January 2023, closely mirroring the upward trajectory of NVDA stock.
As illustrated in the chart below, the combined market capitalization of ICP, GRT, FET, and AGIX surged from $1.8 billion to $10.2 billion between January 1, 2023, and February 20, 2024.
The collective market capitalization of the top 5 crypto AI tokens has surged by 463% over the past year, aligning closely with NVIDIA's impressive 397% increase in stock price during the same timeframe.
Should NVIDIA continue its trend of surpassing market estimates for the fourth consecutive quarter in its earnings report, it could potentially fuel further momentum in the rally of Crypto AI tokens.
