Nvidia’s Q1 Earnings Propel AI Stocks While AI Crypto Dips – Time to Buy?
Nvidia’s impressive Q1 earnings report caused AI-related stocks to surge, but AI crypto has not followed suit despite Crypto trader’s expectations.
On May 22, Nvidia released its Q1 earnings report. Revenue jumped 18% from the previous quarter and surged 262% year-over-year, beating analyst estimates of $24.6 billion.
The earnings report was released after the NYSE market closed on May 22. However, Nvidia’s stock spiked 6.06% in after-hours trading, reaching $1,007 and pushing its market capitalization to over $2.5 trillion.
Anticipating Nvidia’s earnings report, investors expected a positive outcome to be a catalyst for AI-related cryptocurrencies.
This led many AI-related projects to rally hard ahead of the report, as investors scrambled to capitalise on the best AI cryptocurrencies.
Immediately following Nvidia’s earnings report, tokens such as Fetch.ai (FET), The Graph (GRT), Injective (INJ), Render (RNDR), and SingularityNET (AGIX) did jump higher. However, many of them have since started to retrace.
With Nvidia and other AI-focused companies performing so well in the stock market, the question many investors are now asking is whether AI-related crypto tokens will also benefit from the bullish sentiment surrounding AI.
Notably, On May 22, a known “whale” wallet transferred approximately $52.1 million worth of Render to an unknown wallet, as reported by Santiment. This could indicate that holders were anticipating a “sell the news” event.
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