The prices of AI intelligence-related cryptocurrencies tumbled following the release of Nvidia's second-quarter 2024 earnings, which fails to impress investors. Following a brief increase, the price of AI crypto Artificial superintelligence Alliance (FET) fell by approximately 7.8% to $1.16663; the price of Bittensor (TAO)fell 4.5% to $295.22; and Render (RNDR) fell 6.8% go $5.47, according to CoinMarket Cap data.
Despite Nvidia's $30 billion revenue performance in Q2, a 15% increase from Q1 and around $1.32 billion above previous estimates, this result still failed to impress investors.
The performance of AI cryptocurrencies is closely linked to Nvidia's performance and earnings reporters in previous quarters. Some crypto market participants had predicted ahead of time that AI crypto tokens would stumble after the earnings release.
Some crypto market participants have corrected predicted ahead of time that AI crypto tokens would stumble after the earning release. One of them is an X user name by the name of Shogun, who also predicted a fall after Nvidia's earnings were released.
People are bidding garbage AI coins into Nvidia earnings again.
You might catch gains being long until a day before, but I'd bet you're better off shorting for the dump after.
Take a look at some of these BTC pairs ( $TAO, $FET, $WLD) after the May 22nd earnings.
Brutal. pic.twitter.com/wJPc5vgLdE— Shogun (@Shogun_0x) August 22, 2024Sponsored Business Content
On Aug 24, one X user by the user name of Shogun wrote "you might catch gains being long until a day before, but I'd Bet you're better off shorting for the dump after."
Nvidia is a tech company that produces the chips for the training and deployment of AI models. After releasing its Q1 earnings in May, AI crypto tokens similarly tumbled despite its Q1 revenue jumping 18% from Q4 2023.
Bloomberg's Ed Ludlow said that he believes that the Nvidia business is not slowing down. There is no lack of demand for AI chips, with cloud computing providers, hyperscalers, that operate data centres still depending heavily on Nvidia's chips.
This statement comes after the market capitalization of AI and big data cryptocurrency projects and tokens soared by 79.7% over the three weeks following “Crypto Black Monday” on August 5, when Bitcoin fell below $50,000 for the first time since February.
Around that time, the total market cap of AI and big data crypto projects hit a yearly low of $18.21 billion.
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