Cryptocurrencies that are tied to artificial intelligence (AI) have enjoyed considerable gains as a result of Nvidia (NASDAQ: NVDA) exceeding earnings estimates for the second quarter of the year, suggesting that the positive trend for AI could well continue for the foreseeable future.
Accelerated computing and generative AI are on the rise across the world, both of which have contributed to Nvidia’s success as it looks to challenge $500. Nvidia’s CEO and co-founder, Jensen Huang, claims that the increasing interest in generative AI is driving its widespread adoption in businesses.
In turn, within the last twenty-four hours, the price of each of the eight cryptocurrencies related to artificial intelligence and data that are classified among the top 150 crypto assets in terms of market capitalization has increased.
AI cryptocurrencies. Source: CoinMarketCap
Despite a market-wide decline during the summer, the enthusiasm for AI and its increasing mainstream adoption, as exemplified by OpenAI’s ChatGPT, has caused AI-related cryptocurrencies to maintain popularity.
Nvidia sales performance
Nvidia announced sales for the second quarter of $13.51 billion, which was much higher than the average expectation of $11.19 billion. The company’s profits per share for the second quarter came in at $2.70, which was much higher than the consensus expectation of $2.08.
In addition, Nvidia anticipates sales for the third quarter of roughly $16 billion, which is much higher than the predictions of $12.59 billion.
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