Nvidia, the world's largest chipmaker, is scheduled to announce its 2023 Q4 financial results on February 21, 2024, and market trends will weigh on how the company's top-ranked crypto AI token will react. I am.
As a reminder of NVIDIA's strategic importance in the world's artificial intelligence space, the top 5 crypto AI tokens reflect NVDA's stock price movements since January 2023.
Internet Computer (ICP), TheGraph (GRT), FetchAI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) could be on the verge of another big price breakout.
Rapid AI Growth Drives NVIDIA's Stunning Stock Performance
Artificial intelligence (AI) has gained significant investor mindshare over the past year with the advent of OpenAI in January 2023. And the wave of global AI craze has spread to the crypto sector.
Generative AI and AI startups raised nearly $50 billion in 2023, according to data from Crunchbase. Clearly, AI has been center stage in global investment over the past year, and NVIDIA has been at the center of that frenzy with its industry-leading chip manufacturing business.
Unsurprisingly, NVIDIA has made significant gains amid the AI craze. And from January 1, 2023 to February 20, 2024, NVDA's stock price increased 400% from $126 to $726. Market watchers expect NVIDIA's fourth-quarter 2023 earnings forecast to be his earnings per share of $4.18.
And on February 21st, NVIDIA is scheduled to release its official Q4 2023 earnings report. Market watchers expect NVIDIA's fourth quarter 2023 earnings forecast to be his earnings per share of $4.18.
In particular, the past three financial results announcements dating back to January 2023 all exceeded market consensus expectations. During this period, the AI craze also resonated among crypto investors.
Emergence of crypto AI tokens correlates with NVIDIA performance
The valuations of the five largest crypto AI tokens, Internet Computer (ICP), TheGraph (GRT), FetchAI (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN), have increased significantly since January 2023. We see similarities with NVDA. Stock price accent.
As seen in the graph below, the cumulative market capitalization of ICP, GRT, FET, and AGIX increased from $1.8 billion to $10.2 billion from January 1, 2023 to February 20, 2024.
The cumulative market capitalization of the five largest crypto AI tokens has increased by 463% over the past year, matching a 397% increase in NVIDIA's stock price over this period.
The Crypto AI token rally could gain further momentum if NVIDIA's revenue beats market expectations for the fourth consecutive quarter.
