In the run-up to Nvidia's Q2 results, AI tokens have seen massive weekly rises
After FET surged over 60%, a number of AI tokens took the lead in the cryptocurrency market with significant gains.
A good barometer of the state of the AI industry worldwide would be Nvidia's bottom line.
Profits per share for the second quarter are projected at $0.65, with sales of $28.7 billion.
With the market anticipating Nvidia's (NVDA) Q2 results on August 28, a number of AI tokens, such as FET, RENDER, and NEAR Protocol (NEAR), have seen substantial increases.
If Nvidia reports good profits, these AI coins can see more appreciation.
Ahead of Wednesday's expected release of Nvidia's Q2 results, artificial intelligence (AI) tokens were among the market's biggest gainers last week.
Leading the industry with gains of more than 61% in the 7-day period is Artificial Superintelligence Alliance (FET). RENDER's 36% gain puts them somewhat behind.
Additionally, there were significant increases of 21%, 14%, 19%, and 26% for NEAR Protocol (NEAR), Internet Computer (ICP), Bittensor (TAO), The Graph (GRT), and Akash Network (AKT), respectively.
The majority of these coins are down in value right now, but that might all change if Nvidia reports good Q2 results. On the other hand, short-term investors may choose to book gains if Q2 results fall short of forecasts, which might turn them pessimistic. Whenever NVDA made a big gain or released a nice update, AI tokens would often rally.
After the company's meteoric climb to trillion-dollar status, many investors look to it as a barometer for the health of the worldwide AI business, particularly crypto AI tokens. Experts in the market anticipate that Nvidia will post Q2 revenues of about $28.7 billion, a YoY rise of 112%, and adjusted EPS of around $0.65, a YoY gain of 139%.
