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AI boom sends Nvidia up 25% in a month

Source Cryptopolitan

Nvidia, the chip-making giant, is moving ahead to end the tech earning season with all-time high numbers. Nvidia’s shares recorded an impressive 25% jump in the last month. This comes in when Meta, Microsoft, and Alphabet are preparing to drop an update on their artificial intelligence spending.

Nvidia is dominating the AI chips market commanding more than 90% of the share. It is now the second most valuable company after surpassing Microsoft and all thanks goes to the AI boom. Key players like OpenAI, Oracle, and Alphabet are pouring money into Nvidia’s GPUs which eventually has fueled this surge.

Nvidia soars 52% in 6 months

August saw Nvidia reporting a huge 122% YOY revenue growth and a $16.6 billion net income, smashing everyone’s expectations. The new Blackwell AI chip debuting soon will solidify the chip maker’s lead in the AI sector.

The AI chip marker has registered a surge of around 10% in the last 5 trading days while its is already been up by 52% over the last 6 months. After witnessing a dip in late August, Nvidia rebounded strongly and closed at $132.65. It was close to its June high of $135.58, making it the second-most valuable company behind Apple and the biggest winner of the AI boom.

AI boom sends Nvidia up 25% in a month. — *Source: Google*

Analysts predict that Nvidia will surely maintain a 95% market share in AI chips for data centers. Meanwhile, it can face challenges like China export restrictions and Taiwan tensions ahead. Despite multiple risks and optimism reigns, analysts have settled with a price target of $140 of NVDA shares.

CEO Jensen Huang has called the demand for Blackwell chips “insane,” with prices set between $30k-$40k per unit. He suggested that the production for these chips will ramp up in the 4th quarter.

AI cryptos feel the heat

A similar surge was seen in AI linked cryptocurrencies, as tokens like Bittensor (TAO) and Near Protocol (NEAR) jumped 107% and 14% respectively in the last 30 days. However, the cumulative AI token has been printing red indexes in the past few days.

The cumulative AI cryptos market cap dipped by around 3% over the last day to stand at $33.6 billion. Its total 24-hour trading volume dropped by 18% and stood at $1.6 billion.

NEAR, the biggest AI crypto by market capitalization, recorded a dump of over 6% in the last 24 hours. The price of NEAR is still up by 25.7% on the year-to-date (YTD) basis, while it lost momentum and dipped 4% over the last 90 days. It is trading at an average price of $4.57, at press time.

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

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