Author: Ciaran Lyons, CoinTelegraph; Compiler: Tao Zhu, Golden Finance
Shares in Nvidia, one of the largest producers of graphics processing units (GPUs), have rebounded 15% this week, leading analysts to speculate whether “bottoming out” artificial intelligence (AI) crypto tokens will follow suit.
Trading resource The Kobeissi Letter declared in an April 27 post X: “This is absolutely crazy,” while noting that Nvidia’s market value has risen sharply in the past trading week:
It added:“The stock has jumped from a low of $756 to over $880, adding about $320 billion in market value.”
Source: The Kobeissi Letter
Despite the overall decline in AI cryptocurrency prices, analysts are hopeful that Nvidia’s strong performance will have a positive impact, as they claim it did in the last market cycle.
Anonymous crypto trader Crypto Stream explained in an April 26 X post that his “base assumption” for investing in AI tokens revolves around Nvidia’s performance. Its expected first quarter 2024 earnings report will be publicly released on May 22.
“Many TradFi investors may be waiting for this data before making their next move. Don’t forget, they felt FOMO when NVIDIA was delivering without interruption,” they explained.
Meanwhile, pseudonymous cryptocurrency trader CryptoGodJohn told their 668,100 X followers on April 27 that “it should be an exciting couple of weeks leading up to Nvidia’s earnings report.”
CryptoGodJohn further added:“A lot of AI coins look like they’ve bottomed.”
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