Cryptocurrencies and AI-focused stocks will be in the spotlight next week when Nvidia releases its quarterly results after the closing bell on Wednesday, August 28.
Prior to the event, Akash Network (AKT) had surged by 10% in the past seven days. Similarly, Bittensor (TAO), Render Token (RNDR), and Artificial Superintelligence Alliance (FET) had surged by over 30% in the same period.
according to Queen GeckoThe market cap of all AI tokens rose by more than 13.7% on August 24, while trading volume rose to $1.7 billion.
The gains come on the heels of a speech by US Federal Reserve Chairman Jerome Powell, in which he hinted that interest rates would be cut in September.
Nvidia shares have risen more than 161% this year, giving it a market value of more than $3.1 trillion, making it the third-largest company in the world.
Its results are likely to offer a glimpse into whether demand for AI is on the rise. In its first-quarter results, the company’s revenue jumped more than 240% to more than $26 billion. Analysts expect Its revenue is expected to rise to $28.6 billion in the second quarter.
Strong revenues and future guidance bode well for the industry, which will lead to higher asset prices associated with it.
Results that fall short of estimates may lead to a sharp reversal.
Akash Network and Render fit Nvidia’s business because they are at the intersection of blockchain technology and the semiconductor industry. Both offer distributed GPU rendering solutions on the blockchain.
For example, data on the Akash network Website It turns out that it’s possible to rent an Nvidia H100 GPU for less than $1 per hour, which is a reasonable price for a product that sells for more than $30,000.
Bittensor has a similar distribution model in that it provides a platform that decentralizes the process of creating AI solutions.
Its token is up 106% from its August low. Other AI tokens to watch as Nvidia posts earnings include AIOZ Network (AIOZ), Arkham (ARKM), The Graph (GRT), and Internet Computer (ICP).