- Shares in chipmaker Nvidia soared following the firm's massive earnings beat on Wednesday.
- AI-related cryptocurrencies also surged on Thursday.
Cryptocurrencies tied to artificial intelligence projects soared overnight following Nvidia’s fourth quarter earnings release.
Smashed estimates
The world’s largest chip company smashed analysts’ estimates on Wednesday. The firm posted revenue of $22.1 billion for the fourth quarter, above analyst estimates of $20.5 billion. Shares in the firm rose over 12% in early hours trading on Thursday.
“This is really the earnings heard around the world,” Dan Ives, a senior research analyst at Wedbush, told Bloomberg TV on Wednesday. “It shows that this AI party is just getting started.”
In its outlook Nvidia forecasted revenue for the current quarter will reach $24 billion.
AI-related crypto tokens popped overnight following the chipmaker’s earnings release.
The AI-related cryptocurrency market grew by around 7% in the past 24 hours to $17.5 billion, according to CoinGecko data.
Bittensor’s TAO is up 9% since Wednesday, trading above $634. TAO is now up nearly 150% since January, after beginning the year at around $260.
Bittensor enables AI models to share intelligence, forming a digital collective brain of sorts.
The self-described “peer-to-peer intelligence market” wants to transform machine learning by decentralising it. Bittensor plans to create a global marketplace for AI knowledge.
A crypto bridge letting users send Bittensor’s TAO token to Ethereum has soared in popularity over the past few months, as Ethereum users flocked to gain exposure to the buzzy AI token.
Worldcoin’s WLD token gained over 40% since Wednesday, trading just above $8.30 by 2 pm London-time. It traded around $6.10 on Wednesday.
OpenAI CEO Sam Altman’s eyeball-scanning crypto project enables online identity confirmation through an eye scan, creating a World ID. Over 2.5 million people have had their eyeballs scanned.
Estimates suggest Nvidia controls around 80% of the AI chip market, meaning Altman’s firm is likely one of the driving forces behind demand for its products — in particular, its data centre chips and graphics processing units.
Last week OpenAI announced the launch of its text-to-video product, Sora. The latest addition to its product suite, which also includes AI chatbot, ChatGPT.
Sora will allow users to create videos up to one minute long with just a short prompt.
Worldcoin traded higher following the announcement.
Crypto market movers
- Bitcoin gained 1% since Wednesday, trading around $51,300.
- Ethereum hoovered just below $3,000, up 2.8% in the past 24 hours.
What we’re reading
- US crypto policy stronger abroad than at home: CFTC Commissioner Pham — DL News
- Sam Bankman-Fried set to ditch trial lawyers before sentencing — DL News
- Ethereum Dormant Whale Awakens After 8.6 Years Post $3,000 ETH Surge — Milk Road
- U.S. Ethereum ETF Could Raise Concentration Risks: Report — Milk Road
Adam Morgan McCarthy is a market correspondent at DL News. Got a tip? Email him at adam@dlnews.com.
