Outside Source
Artificial Intelligence-focused cryptocurrencies — and stocks — will be in the spotlight next week as Nvidia publishes its quarterly results after the closing bell on Wednesday, Aug. 28.
Ahead of the event, Akash Network (AKT) has risen by 10% in the past seven days. Similarly, Bittensor (TAO), Render Token (RNDR), and Artificial Superintelligence Alliance (FET) have both jumped by over 30% in this period.
According to CoinGecko, the market cap of all AI tokens rose by over 13.7% on Aug. 24 while the trading volume rose to $1.7 billion.
These gains came on the heels of Federal Reserve’s Jerome Powell recent speech where he hinted that interest rates will be cut in September.
Nvidia’s stock has surged by over 161% this year, giving it a market cap of over $3.1 trillion, making it the third-biggest company in the world.
Its results will likely provide a glimpse at whether AI demand is rising. In its first-quarter results, the company’s revenues jumped by over 240% to over $26 billion. Analysts expect its revenue to grow to $28.6 billion in the second quarter.
Strong revenues and forward guidance bodes well for the industry, which will lead to higher prices for associated assets.
Results that come below estimates could lead to a sharp reversal.
Akash Network and Render are aligned with Nvidia’s business because they are at the intersection of blockchain and the semiconductor industry. They both offer distributed GPU rendering solutions on the blockchain network.
For example, data on Akash Network’s website shows that one can hire Nvidia’s H100 GPU for less than $1 an hour, an affordable price for a product that sells for over $30,000.
Bittensor has a similar distributed model in that it offers a platform that decentralizes the process of creating machine intelligence solutions.
Its token has risen by 106% from its lowest point in August. The other top AI tokens to watch as Nvidia publishes its earnings are AIOZ Network (AIOZ), Arkham (ARKM), The Graph (GRT), and Internet Computer (ICP)
This article first appeared at crypto.news
