Nvidia's quarterly report, released on Wednesday, caused a stir on Wall Street as it showed a 769% increase in net income over last year's figures. This was well above expectations.
Nvidia has reaped huge rewards from tech companies' push to incorporate artificial intelligence into their products and services. Nvidia's market value rose nearly 8% to more than $129 billion. After the close of trading, Nvidia shares were up about 10%, BeInCrypto reported.
The company's adjusted earnings per share came in at $5.16, against a forecast of $4.64. The company's revenue reached $22.10 billion, beating the forecast of $20.62 billion. Compared to last year, revenue grew by 265%.
This financial triumph distinguishes Nvidia as a leader in artificial intelligence. The company's advanced graphics chips are critical to the development of large-scale artificial intelligence models. As a result, Nvidia is optimistic about continued growth in the future.
CEO Jensen Huang emphasizes the continued demand for Nvidia's GPUs as artificial intelligence applications grow and technologies move to the accelerator.
These advances by Nvidia have been reflected in artificial intelligence (AI) tokens, reaffirming the crypto market's optimism and belief in the transformative potential of AI across industries.
The AI cryptocurrency token market reacted positively to Nvidia's earnings announcement. This correlation demonstrates the impact of artificial intelligence advancements on blockchain and cryptocurrency technologies.
The value of the Render token (RNDR) increased by 7.73%. This Ethereum blockchain-based network provides decentralized rendering on a graphics processor.
The Graph token (GRT) of The Graph, an indexing protocol for efficient querying of blockchain data, also rose sharply. It saw a growth of 11.19%.
According to data from Coinmarketcap, Fetch.AI (FET) and SingularityNET (AGIX) also saw significant gains. The Fetch.AI token, which is involved in creating a decentralized machine learning network, jumped 4%. SingularityNET, which enables the creation and monetization of artificial intelligence services on the blockchain, saw an impressive growth of 27.62%.
In an unexpected twist in the world of artificial intelligence, NVIDIA and Google have entered into a strategic partnership. This partnership will set a new pace for the tech giants, especially those who want to establish their dominance in the world of artificial intelligence.