Nvidia’s first quarter earnings report will be released after Wall Street closes on May 22, which will likely have an impact on both the crypto artificial intelligence (AI) token market and the traditional technology market. According to Yahoo Finance, Wall Street expects Nvidia’s revenue to grow by $200% and its profit to grow by $400%, driven by the AI boom. As Nvidia’s chips are driving the growth of AI, the company’s financial performance could have a significant impact on AI-focused cryptocurrencies. Investors are eager to see how these earnings will affect tokens related to AI progress and the wider adoption of AI technology. Here are three AI cryptocurrencies that could be most affected by Nvidia’s earnings report.
1. The Graph (GRT)
The Graph is an indexing protocol for querying blockchain networks, especially Ethereum. Nvidia’s performance could affect the price of The Graph’s GRT token, as the demand for efficient data retrieval and AI-optimized indexing increases with the advancement of AI technology. Increased investment in AI by tech giants could boost the adoption and utility of The Graph, driving its value up.
2. Fetch.ai (FET)
Fetch.ai combines artificial intelligence with blockchain to enable autonomous agents for data sharing and resource management. Nvidia's growth, driven by AI chip sales, highlights the expanding AI ecosystem, which may benefit Fetch.ai by enhancing the development and deployment of AI-driven applications. In addition, due to Nvidia's leading position in AI infrastructure, Fetch.ai's reliance on advanced AI capabilities makes it very sensitive to Nvidia's earnings report.
3. SingularityNET (AGIX)
SingularityNET allows AI developers to share and monetize their AI technology. Nvidia's progress in AI hardware is likely to accelerate the capabilities and reach of AI services on SingularityNET. In addition, the platform's success depends on powerful AI hardware. This makes Nvidia's earnings and continued innovation critical to the growth of SingularityNET and the broader AI market.
These are the three AI cryptocurrencies that could be most impacted by Nvidia’s earnings report.