By
Svetlana Soroka
June 12th, 2024
Nvidia registered staggering growth in the first quarter report thus triggering heightened speculation on AI-related crypto projects such as Render (RNDR).
NVIDIA Corp (NASDAQ: NVDA) stock continued with the macro bullish outlook on Wednesday after the company reported its first quarter fiscal 2025 earnings results. During the first quarter that ended on April 28, 2024, Nvidia reported a revenue of $26 billion, an uptick of 18 percent from the prior quarter and 262 percent from the same time last year.
The company reported non-GAAP earnings per share of $6.12, up 19 percent from the prior quarter and over 460 percent from the same time last year. Consequently, NVDA shares gained 6.06 percent in the after-hours session on Wednesday to trade around $1,007. Notably, NVDA stock has rallied over 150 percent in the past year, fueled by the heightened demand for artificial intelligence (AI) chips.
The next industrial revolution has begun. Companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center – AI factories -to produce a new commodity: artificial intelligence. AI will bring significant productivity gains to nearly every industry and help companies be more cost- and energy-efficient while expanding revenue opportunities,” Jensen Huang, founder and CEO of NVIDIA, noted.
As for the NVIDIA products, the company indicated that the Blackwell platform is in full production for more enhanced generative AI. The company indicated that its Spectrum-X will open up more markets as the NVIDIA NIM new software attracts more enterprise customers.
Following an impressive first-quarter performance, NVIDIA has seen its market valuation rise to about $2.37 trillion, which is $400 billion less than the entire crypto market cap.
BREAKING: Nvidia stock, $NVDA, surges toward $1,000/share after reporting earnings and 10:1 stock split.
The company posted record quarterly revenue of $26 billion on EPS of $6.12, both above expectations.
This marks a 260% jump in year-over-year revenue for the 3rd largest… pic.twitter.com/FcJElzKjCs
— The Kobeissi Letter (@KobeissiLetter) May 22, 2024
AI-related Crypto Projects Thrives alongside NVIDIA
According to market intelligence platform Santiment, whale activity for AI-related crypto projects has experienced a sharp uptick in the past few days. Moreover, Nvidia’s quarterly performance was highly anticipated to outshine the past quarters, which did not disappoint l.
One of the top AI-related crypto projects that registered significant whale activities was Render (RNDR), a distributed GPU rendering network built on top of the Ethereum blockchain.
According to Santiment, a known crypto whale sent 4.89 million $RNDR tokens, worth about $52.1 million, to an unknown wallet address.
The AI-related crypto market cap is about $35.4 billion and a daily average traded volume of around $2.2 billion. Some of the top AI-related crypto projects include Fetch.ai (FET), Bittensor (TAO), The Graph (GRT), and SingularityNET (AGIX), among others.
The notable growth of AI-related crypto projects has benefited from speculation that every industry will adopt artificial intelligence to improve output and cut costs related to operations. Already, the United States and China have demonstrated major differences in AI-related technologies in terms of sharing, thus indicating heightened demand.