AI tokens rally ahead of Nvidia’s earning report

Artificial intelligence (AI) crypto tokens have seen growth over the past week, in anticipation of Nvidia’s second-quarter earnings report.

AI crypto tokens including Near Protocol (NEAR), Artificial Superintelligence Alliance (FET), Bittensor (TAO) and Render (RENDER) have seen their gains outpace the overall crypto market over the last seven days.

Market action

Near Protocol’s coin appreciated by 35% last week and hit a four-week high of $5.2 before correcting to $4.95. Artificial Superintelligence Alliance gained almost 70% over the last seven days. The token’s price hit $1.39 before correcting down to $1.35 by the time of writing.

Similarly, Bittensor gained 26% over the past week and reached a price of $350, before correcting to $345. Render also saw about 40% of updraft and soared to $6.45 before gliding down to $6.26.

On-chain data service Lookonchain reported earlier today that “a whale seemed to regret selling before and spent 2.385M USDT to buy 1.79M FET back from Binance at a higher price of $1.33.” The company further highlighted:

“This whale sold 2.33M FET for 2.385M USDT at $1.02 from Aug 11 to Aug 23.”

This surge in crypto AI token valuations precedes the release of a long-anticipated earnings report by computing company powering the artificial intelligence race Nvidia. Wedbush Securities’ Dan Ives, told Fortune on Aug. 23 that his is the “most important tech earnings in years.”

Ives explained that he believes the ongoing tech bull market is largely driven by the growing demand for computing power in data centers spurred by the AI boom. He wrote in a recent note:

“There is one company in the world that is the foundation for the AI Revolution, and that is Nvidia.”

Allspring Global Investments portfolio manager Mike Smith similarly claimed that “Nvidia is the zeitgeist stock” in a recent Reuters interview. He further compared the company’s earnings reports to the Super Bowl:

“You can think of their earnings four times a year as the Super Bowl.”

The post AI tokens rally ahead of Nvidia’s earning report appeared first on ReadWrite.