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Artificial intelligence-based cryptocurrency assets have experienced significant growth over the past week, driven by anticipation surrounding Nvidia’s forthcoming earnings report for the second quarter of 2024.
AI-centric tokens such as {Near Protocol} (NEAR), Artificial Superintelligence Alliance (FET), Bittensor (TAO), and Render (RENDER) have outperformed the broader cryptocurrency market during this period. Near Protocol's native token, NEAR, saw a notable increase of 35% over the past week, reaching a four-week high of $5.20 on August 25.
The Artificial Superintelligence Alliance, which includes Fetch.ai, Ocean Protocol, and SingularityNET, experienced even more substantial gains. The token FET surged nearly 70% in the past week, climbing to $1.39 on August 26. Onchain analytics platform Lookonchain highlighted unusual whale activity involving FET, noting that a whale purchased 1.79 million FET tokens for $2.38 million USDT from Binance at a higher price of $1.33 per token on August 25.
Other AI-based assets also saw impressive gains, with Bittensor (TAO) rising 26% to exceed $350 and Render (RENDER) increasing approximately 40% to $6.45 over the past seven days, according to CoinGecko. Most major AI tokens have now recovered from a significant market downturn earlier in the month.
The surge in AI-related cryptocurrencies coincides with the anticipation of Nvidia’s quarterly earnings report scheduled for August 28. This report is highly anticipated in the tech sector, with Wedbush Securities’ Dan Ives referring to it as “the most important tech earnings in years.” Mike Smith, a portfolio manager at Allspring Global Investments, likened Nvidia’s earnings reports to a “Super Bowl” event for the technology sector.
Nvidia’s revenue saw an 18% increase in Q1 compared to Q4 2023 and a 262% surge from the same period a year ago. The company's stock has soared 180% over the past 12 months, reaching an all-time high of $135 in mid-June. Following a market decline earlier this month, Nvidia’s stock has rebounded by 30%, trading just below $130 as of August 23.