AI tokens expected to rally after NVIDIA's impressive Q1 '24 report

Source Fxstreet
  • TAO and AIOZ have surged after NVIDIA earnings beat analysts' estimates.
  • NVIDIA reported earnings per share of $6.12, beating expectations of $5.65.
  • AI & Big Data-related tokens have shown a positive correlation with NVIDIA's stock price performance.

After NVIDIA's Q1 earnings report on Wednesday beat analysts' expectations, history suggests AI tokens could be set for an impressive rally.

Read more: AI tokens could rally ahead of Nvidia earnings

AI tokens gear up for rally

NVIDIA reported revenue of $26.04 billion in its Q1 '24 earnings report on Wednesday, beating analysts' $24.69 billion estimate by 5.4%. The company's year-on-year earnings growth is about 262%.

NVIDIA's reported earnings per share is at $6.12, 8% higher than the $5.65 estimation by analysts.

The company also announced a 10-for-1 stock split—effective June 7—to allow employees and retail investors to purchase its stock easily.

Following the impressive earnings reports, NVIDIA's stock rose to $987, gaining nearly 4%.

Also read: Top 5 AI, DePIN tokens hit by corrections ahead of key events, NVIDIA earnings this week

Crypto tokens related to AI and Big Data are expected to rally after the NVIDIA report as they've shown a positive correlation to events surrounding the GPU giant and its stock price.

For example, during NVIDIA's previous earnings report, several AI tokens experienced massive growth. As a result, many expect a similar outcome this time around.

Decentralized machine learning protocol Bittensor (TAO) gained 12% on Wednesday as investors seem to be accumulating the token. AIOZ Network (AIOZ) also saw an 8% increase on Wednesday.

Read more: AI tokens see heavy gains following crypto market recovery

Near Protocol (NEAR), The Graph (GRT), and Fetch.ai (FET) also posted gains of 3.5%, 4%, and 3%, respectively.

As the news of NVIDIA's earnings filters into the market, other AI tokens could also start rising soon.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
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