March 27, 2024
AI Tokens Rally on NVIDIA's Strong Earnings
AI

AI Tokens Rally on NVIDIA’s Strong Earnings

Following GPU giant NVIDIA’s announcement of robust earnings, there has been a notable surge in the value of AI crypto tokens. OpenAI CEO Sam Altman’s Worldcoin (WLD) is trading at $8.04, showcasing an impressive gain of 240% over the past month. Similarly, Arkham Intelligence’s native token (ARKM) has experienced a substantial increase of 211% during the same period, with a current price of $1.68 per token.

On February 21, Nvidia reported Q4 2024 revenue and earnings at $22.1 billion and $12.3 billion, marking a surge of 265% and 769% from Q4 2023. Jensen Huang, the founder and CEO of NVIDIA, attributes this success to the tipping point reached by accelerated computing and generative AI, which is experiencing surging demand worldwide across various sectors.

In the wake of these positive developments, AI crypto projects are capitalizing on the momentum. Sleepless AI, a Web3 AI companion platform backed by Binance Ventures, has disclosed its 2024 roadmap. The platform is committed to offering authentic emotional communication through AI dialogue and voice experiences. Additionally, Sleepless AI is teasing the release of its flagship AI blockchain game, Her 2.0, where users can engage in various activities, including dressing virtual partners, participating in PvP battles, and earning rewards.

Fetch.ai, an AI platform for building decentralized applications, recently partnered with Deutsche Telecom for enterprise AI. As part of the collaboration, Deutsche Telecom will become a validator on the Fetch.ai blockchain, utilizing AI-driven autonomous agents in sectors such as healthcare, automotive, supply chain management, and digital identities.

Bitget, a crypto exchange, reports a significant uptick in the AI sector, with a 361% increase in weekly trading volume for listed AI tokens and a 136% rise in the number of participants. The surge is attributed to the introduction of OpenAI’s text-to-video model Sora, known for creating detailed videos up to 60 seconds long, enhancing AI creativity and drawing attention from the market.

Decentralized computing blockchain iExecRLC, part of NVIDIA’s Inception Program since 2020, currently boasts a market capitalization of $323 million, showcasing its significance in the AI and blockchain space.

Y Combinator, a prominent Silicon Valley venture capital firm, has called on startups to focus on stablecoin, metaverse, and AI solutions. Having funded 81 cryptocurrencies and Web3 startups, including notable names like Coinbase, OpenSea, TRM Labs, and Quantstamp, Y Combinator highlights the strategic importance of these domains in the ever-evolving technological landscape:

“It all looks a bit like digital music’s transition from the realm of outlaw file sharing in the early 2000s to becoming the norm as players like Apple entered the market.”

Image by Mizter_X94 from Pixabay

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