Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

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.

Recommended Articles

Bitcoin squeezes back above $80,000 — 110,000 traders liquidated as the hawkish Fed and CLARITY setback fail to hold it down; is $83,000 next?Bitcoin closed above $80,000 on Friday for the first time since September 7, and pushed to $81,299 over the weekend, triggering about $603 million of liquidations — $523 million of them shorts — across more than 110,000 traders. With the Fed's hike already priced and the SEC and CFTC advancing crypto rules after the CLARITY Act failed, here is what stands between BTC and the $83,000 gate.

Author Suzie

16 hours ago

Bitcoin closed above $80,000 on Friday for the first time since September 7, and pushed to $81,299 over the weekend, triggering about $603 million of liquidations — $523 million of them shorts — across more than 110,000 traders. With the Fed's hike already priced and the SEC and CFTC advancing crypto rules after the CLARITY Act failed, here is what stands between BTC and the $83,000 gate.

Gold ends three-week slide at the $4,400 line — eight straight days of ETF inflows vs a 5% 10-year and a 100 dollar Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Author Suzie

17 hours ago

Spot gold closed Friday at $4,378.39, up 0.84% on the day and about 0.8% for the week — its first weekly gain in four weeks — with the intraday high of $4,399.67 leaving it 33 cents shy of the $4,400 line. Gold ETFs have now logged eight straight sessions of inflows, but with the 10-year back above 5% and the dollar index near 100, here is what decides whether this is a reversal or a bounce.

Have Fed Rate Hike Headwinds Been Priced In? Gold Rebounds Strongly Toward $4,400, Poised for a New Rally As of the European session on September 18, gold prices (XAUUSD) extended Thursday's rebound, rising strongly in intraday trading to $4,399.75 today, just shy of the $4,400 psychological

Author TradingKey

Sep 18, Fri

As of the European session on September 18, gold prices (XAUUSD) extended Thursday's rebound, rising strongly in intraday trading to $4,399.75 today, just shy of the $4,400 psychological

US to delay new "overcapacity" tariffs on China — what the pause means for trade, inflation and the dollar Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Author Mitrade

Sep 18, Fri

Washington is expected to hold off announcing new tariffs over Chinese "overcapacity" until after the 24 September summit, according to Bloomberg. The postponed plan would have added 7.5% to Chinese goods, taking second-term US tariffs to around 20%. Here is what is on the table, and what a deal versus no deal would mean for the yuan, Hong Kong equities and the dollar.

Gold rebounds to near $4,350 on weaker US Dollar, falling oil prices Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

Author FXStreet

Sep 18, Fri

Gold price (XAU/USD) rises to near $4,345 during the early Asian session on Friday. The precious metal rebounds from a six-week low amid falling oil prices and a weaker US Dollar (USD). Traders continue to assess the latest Federal Reserve (Fed) rate hike and policy cues.

Popular Symbols