By
Godfrey Benjamin
April 26th, 2024
The ANKR token has continued its rally, rising 3% after a confirmation that two company execs will be present at the Nvidia conference.
The CEO of decentralized Web3 infrastructure provider Ankr (ANKR) Chandler Song has joined the list of people slated to attend Nvidia’s upcoming conference from the 18th to the 21st of March. In response to the news, the price of the ANKR token has jumped.
ANKR Reacts to CEO’s NVIDIA Attendance
Popular blockchain reporter Colin Wu posted on X that Song and CTO Stanley Wu will attend the NVIDIA GTC 24 conference “to showcase GPU cloud services in cooperation with Dell”. Wu’s post also stated that the founder of decentralized GPU rendering platform Render (RNDR), and co-founder of community-run cloud computing platform NEAR, will also be there.
According to CoinMarketCap data, ANKR is trading at $0.05402 after climbing nearly 3% since Wu’s post. Its 24-hour chart shows a 36% rise and 55% over the last seven days.
With the conference in view, several AI tokens recently dipped on Tuesday, giving traders an opportunity to acquire tokens while anticipating the event. AI tokens, including RNDR, Fetch.AI (FET), Akash Network (AKT), and SingularityNET (AGIX), all fell between 2.3% and 7.6% on Tuesday. As the event draws nearer, a possible rally could follow the correction in the price of the AI tokens that experienced dips.
Despite these dips, the price movements of these tokens are very healthy. For instance, FET is still up 34% in one day and nearly 91% in 7 days, while AKT is up 21.25% and 14%. AGIX’s 24-hour chart shows a gain of more than 33% and over 66% in 7 days.
The Nvidia 2024 GTC conference will take place in Silicon Valley and features technical workshops on artificial intelligence (AI), including generative AI. CEO Jensen Huang is expected to deliver a keynote at 1 pm PDT on March 18th. The entire conference should include sessions on media and entertainment; AR/VR; simulation, modeling and design; as well as graphics development.
NVIDIA Earnings and Outlook
Last month, Nvidia announced earnings for Q4 and fiscal 2024, which surpassed analyst expectations. For instance, Nvidia’s Q4 earnings hit $5.16 per share, higher than the expected $4.59 per share. The company’s revenue also hit $22.1 billion, more than 7% higher than the $20.4 billion expected. Nvidia’s Q4 revenue was also up 22% from Q3, and 265% higher than the same period last year.
The report also includes other interesting figures, including GAAP earnings per diluted share at $4.93, up 33% from Q3 and 765% from the year before. Non-GAAP earnings per diluted share came in at $5.16, up 28% from the previous quarter and 486% from the same period a year before. According to Huang, generative AI and accelerated computing are at a “tipping point,” with demand rising significantly across companies and countries all over the world.
The company’s outlook for Q1 of fiscal 2025 puts revenue at $24 billion (+/- 2%). Nvidia also expects GAAP and non-GAAP gross margins at 76.3% and 77%, respectively (+/- 50 basis points.). In addition, GAAP and non-GAAP expenses are set at $3.5 billion and $2.5 billion, respectively.