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Nvidia’s First-Quarter Results Made Its Shares Jump 6%, But AI Tokens Barely Moved — TradingView News
The price of artificial intelligence (AI) cryptocurrency tokens briefly collapsed despite Nvidia’s impressive first-quarter earnings report, contrary to cryptocurrency traders’ expectations.
Nvidia, which makes chips used by companies to train and deploy artificial intelligence models, saw first-quarter revenue rise 18% from the fourth quarter of 2023 and 262% from a year ago, beating analysts’ estimates at $24.6 billion, Cointelegraph reported on May 23.
The earnings report was released after the New York Stock Exchange (NYSE) market closed on May 22. Nvidia rose 6.06% in after-hours trading to $1,007 as of this writing, according to data from Yahoo Finance.
Some AI token traders appeared disappointed that the positive results did not lead to a similar increase in AI token prices.
Within just five hours of releasing its earnings report, Render, an Ethereum-based platform that enables decentralized rendering of graphics processing units, fell 12%, with its price plunging to $10.38, according to CoinMarketCap data.
However, according to data from crypto research firm Santiment, a well-known “whale” wallet sent approximately $52.1 million to an unknown wallet on May 22, which could suggest that large holders were expecting a “sell-off” event. news”.Cointelegraph
Meanwhile, cryptocurrency trader under the pseudonym D0C Crypto pointed out that RNDR didn’t see a price spike until two days after Nvidia’s latest earnings report.
“During Nvidia’s fourth quarter earnings event in February, RNDR increased 38% in 48 hours. If history repeats itself, it could mean RNDR will move above $15 from its current price within 48 hours!” they declared in a May 22 post
Other AI-related tokens, such as The Graph 
However, traders remain confident that Nvidia’s findings will eventually flow into the broader cryptocurrency market and have a positive impact.
“Nvidia just hit a market capitalization of $2.5 trillion, larger than the entire cryptocurrency industry, and aren’t you optimistic about AI in this cycle?” asked pseudonymous cryptocurrency trader Bishara on May 22 to his 18,000 X followers.
“Nvidia did well = stocks will do well = cryptocurrencies will do well,” added pseudonymous cryptocurrency trader Plazma.
This article does not contain investment advice or recommendations. Every investing and trading move involves risk, and readers should conduct their own research before making a decision.