The fact that chip maker Nvidia exceeded expectations for the second quarter of the year causes activity in the altcoin market. Artificial intelligence (AI)-focused projects achieved double-digit earnings at one point.
Nvidia continues to grow above expectations
Yesterday, chip maker giant Nvidia’s predictions for the second quarter of the year emerged. Positive data triggered 6% growth in the company’s stock price. The company’s performance in the quarter ended July 30 is as follows:
- Earnings: $2.70 per share versus $2.09 per share Refinitiv had expected.
- Revenue: $13.51 billion versus the $11.22 billion Refinitiv had expected.
After much anticipation, Nvidia's Q2 report is out. The company reported revenue of $13.51 billion, up 101% from a year ago and up 88% from the previous quarter. Massive growth which kinda justifies existing optimism and AI growth assumptions.https://t.co/DgOVefOZqz
— Abubakar (@IAtalkspace) August 23, 2023
Nvidia said it expects third-quarter fiscal revenue to be approximately $16 billion, above Refinitiv’s estimate of $12.61 billion. Nvidia’s guidance shows that sales this quarter will increase by 170% year-on-year.
Net income increased to $6.19 billion, or $2.48 per share, from $656 million, or $0.26, in the prior year.
Nvidia’s strong sales and forecasts underscore just how central the company’s graphics processing units (GPUs) have become in the productive artificial intelligence boom. The company’s outstanding success is helping AI-driven altcoin projects hit the headlines once again.
These 3 artificial intelligence-focused altcoins evaluated the news of Nvidia with peak movements
Render (RNDR) recorded the biggest price increase of the day with 10%. Another AI altcoin project SingularityNET (AGIX) followed with 8%. Fetch (FET), on the other hand, is up 7%, keeping its gap short of its rivals. Meanwhile, The Graph (GRT), which has a market capitalization of $853 million, was up 3%.
Especially on the last trading day, Render (RNDR) gets the biggest price increase by 10%. Despite the market-wide decline over the summer, interest in AI and growing mainstream adoption, as exemplified in OpenAI’s ChatGPT, is keeping it popular in AI-related altcoin projects.
cryptocoin.com As you follow, Nvidia news has had an impact on the altcoin market before. In May, altcoin projects like GRT, AGIX, and OCEAN enjoyed double-digit gains.
Nvidia continues to outperform expectations
Meanwhile, Nvidia announced its second-quarter sales as $13.51 billion. This figure was well above the average expectation of $11.19 billion. The company’s earnings per share in the second quarter was $2.70. This was again well above the expectations of $2.08. In addition, Nvidia forecasts sales of approximately $16 billion in the third quarter. This expectation is well above the $12.59 billion estimates.
