AI Coins Moved with NVIDIA: Here are the Highest Risers!

Yapay Zeka Coinleri, NVIDIA ile Hareketlendi: İşte En Çok Yükselenler!
Yapay Zeka Coinleri, NVIDIA ile Hareketlendi: İşte En Çok Yükselenler!

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Nvidia, the undisputed leader in Artificial Intelligence (AI) chip technology, delivered a terrific performance in its first quarter 2024 earnings report, significantly exceeding analysts’ expectations. This outstanding performance increased investor confidence in the technology world. This pushed the company’s stock price above $1,000 for the first time. Meanwhile, of course, the cryptocurrency space was also affected. AI coins gained momentum with NVIDIA’s first quarter announcements. Here are the details…

NVIDIA broke a record with its first quarter report

NVIDIA mobilized the market. The main figures were quite impressive. Nvidia generated a whopping $26 billion in revenue, up 18% from the previous quarter and a whopping 262% increase for the year. This increase was also reflected in the company’s net profit, which increased to $14.88 billion and $5.98 per share. This represents a remarkable increase of 629% compared to the same period last year.

The driving force behind Nvidia‘s success has been the insatiable demand for AI chips, especially in the data center segment. This industry, which includes components that support AI chips and AI servers, saw a whopping 427% growth in revenue, reaching $22.56 billion. This increase can be attributed to increased adoption of Nvidia’s latest Hopper graphics processors, including the H100 GPU. In particular, Meta’s announcement of the Lama 3 AI project using 24,000 H100 GPUs is a prime example of this growing demand.

Beyond data centers: Networking and gaming are evolving

While data centers were the standout performers, Nvidia’s other sectors also experienced significant growth. Network revenues grew more than 300% for the year, reaching $3.17 billion. This growth can be attributed to the success of Nvidia’s InfiniBand products, which play a critical role in connecting large chip clusters that form the backbone of high-performance computing. Gaming, the main product for gamers, rose 18% to $2.65 billion, reflecting continued strong demand for the company’s graphics cards among gamers worldwide.

Looking ahead, Nvidia remains optimistic about the AI ​​market. The company is particularly excited about the upcoming launch of its next-generation AI chip architecture, codenamed Blackwell. This revolutionary technology features six transformative technologies designed to pave the way for breakthroughs in fields as diverse as data processing, engineering simulations, and even drug discovery.

AI coins rose

Nvidia has further sweetened the pot with a series of investor-friendly moves for investors. The company bought back $7.7 billion in shares during the quarter and announced a 1-for-10 stock split to make stock ownership more accessible. This move will allow greater participation from retail investors and potentially increase liquidity. Additionally, Nvidia increased its quarterly cash dividend on a pre-split basis from $0.04 to $0.10 per share.

Positive sentiment around Nvidia’s performance has also extended beyond the traditional stock market. The positive sentiment surrounding Nvidia‘s performance has gone beyond the traditional stock market. The crypto market, especially AI-related tokens, experienced a surge in the days leading up to the earnings announcement. Some major AI tokens such as Fetch.AI and SingularityNET witnessed increases of 10% to 20%. However, following the release of the report, these tokens saw a slight correction, suggesting a “sell the news” approach by some investors. Outside the top 100 by market cap, the following AI coins jumped:

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AI Coins Moved with NVIDIA: Here are the Highest Risers!