Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
AI crypto tokens tumble despite Nvidia shares gaining ahead of earnings

AI crypto tokens tumble despite Nvidia shares gaining ahead of earnings

The BlockThe Block2024/08/28 10:39
By:Brian McGleenon

AI-related crypto tokens are down ahead of Nvidia’s earnings call today, which is expected after markets close in New York on Wednesday.Nvidia’s second-quarter results today will give Wall Street insight into the artificial intelligence sector’s performance.

The prices of major artificial intelligence-related cryptocurrencies have fallen in the past 24 hours, with the recently combined Artificial Superintelligence Alliance token leading the downturn. The price correction comes despite Nvidia stock gaining in pre-market trading ahead of the firm's highly anticipated earnings report — due later today.
 
The leading tokens in the AI cryptocurrency space, including Near Protocol with a market cap of $5.5 billion, Internet Computer at $3.8 billion, the Artificial Superintelligence Alliance at $3.4 billion and Bittensor at $2.8 billion, have all declined over the past day by 8%, 5%, 9% and 8%, respectively, according to The Block's Prices Page .
 
According to CoinGecko data , the AI token market cap stands at $23.9 billion, which is a decrease of over 6% in the past 24 hours. The downturn is reflected in the broader cryptocurrency sector, with today's global crypto market cap standing at $2.17 trillion — a 6.8% decrease in the same period.

Anticipation builds ahead of Nvidia earnings report

The decline in AI-related crypto tokens comes despite Nvidia gaining in pre-market trading, with the Nasdaq-listed stock price now up 0.52% at $128.97.

All eyes are on the upcoming Nvidia earnings call, which is expected to come after the close of markets in New York on Wednesday. Big tech companies like Nvidia have become increasingly influential, and with a market capitalization of around $3.2 trillion, a move in its share price affects the broader market. Nvidia stock has increased by 159% since the beginning of the year and is up approximately 3000% since 2019.

"A strong earnings report from Nvidia could drive markets to new highs, while any sign of weakness might trigger a notable pullback, making Nvidia's performance a potential market mover this week," FXTM Senior Market Analyst Lukman Otunuga told The Block. He added that significant challenges are on the horizon for the AI firm, including potential delays in its Blackwell chip, rising competition from AMD and Intel, and potential U.S. restrictions that could impact demand in China.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!