Nvidia Commitment on Artificial Intelligence Processors is Reflecting in AI Cryptocurrencies
- Nvidia to dig deeper into Artificial Intelligence processors.
- AI cryptocurrencies have surged over 24 hours.
- The global crypto market seems to be recovering from earlier losses.
Nvidia faces competition but remains unhindered by confirming its commitment to Artificial Intelligence processors. This is one of the factors that has brought a significant bull run for AI cryptocurrencies, with some of the top tokens leading the charge. Overall, the crypto market seems to be recovering from earlier downtrends as the market cap is up and FGI has shifted upward slightly.
Nvidia and Artificial Intelligence Processors
Nvidia is reportedly taking a deeper dive into Artificial Intelligence processors. This has brought out its above-market-estimates forecasts for the ongoing quarter. As for its Wednesday rollout, the chip-maker posted better results for the January quarter despite a flat stock performance.
For now, Nvidia CEO Jensen Huang has expressed the company’s commitment to keep building the AI infrastructure.
A major concern, however, is around how much shareholders get back from the projected cash generation of around $100 billion. The concern stems from the flat stock price, which last closed at $195.56, up by 1.41%. It has gained 0.59% during overnight hours to $196.73. Another concern is around the supply of chips – Nvidia has clarified having sufficient inventory per the demand.
AI Cryptocurrencies Surge
The impact has been more than evident on the prices of AI cryptocurrencies. TAO surged by 7.12%. Other top tokens jumped more significantly. For instance, NEAR gained 15.74% during the last 24 hours. While the AI crypto continues to trade in red over a month-time, an uptick marks a recovery at the time of global uncertainty.
ICP and FIL each gained 10.54% and 11.80%, respectively, during the same timeline. Some of the top gainers, at the time of writing this article, are RVV, BDP, and WARD. They have added 51.72%, 48.38%, and 44.47% to their respective values.
The growth of AI cryptocurrencies is also reportedly attributed to a blend with traditional AI and the structural evolution, along with the concept of smart blockchains.
Recovery for Cryptocurrencies in General
The crypto market seems to be recovering from recent downtrends, given that the market cap is up by 4.71% and the FGI has shifted upwards to 16 points. The CMC20 Index has also jumped by 5.60%. Growth of BTC has been overshadowed by ETH as Ether is up by 9.03% while Bitcoin tokens have only gained 4.82% in a single day.
It is important to understand that the content of this article is neither advice nor a recommendation – do thorough research and risk assessment before crypto investments.
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