AI Crypto Tokens Crack Despite Nvidia’s Q2 Earnings Beat—But YTD Performance Aligns With Tech Stock’s Blockbuster Run
By Benzinga
Artificial intelligence-based cryptocurrencies slumped after AI powerhouse Nvidia Corp. (NASDAQ:NVDA) reported its second-quarter earnings Wednesday.
What happened: The AI-based collaborative token, FET, and TAO, the native token of the decentralized AI platform, Bittensor, shed 7% in the last 24 hours.
Similarly, RENDER, underpinning the Render Network, tumbled 4%. The total market cap of AI cryptocurrency tokens contracted by 3% to $23.29 billion over the past 24 hours, according to CoinGecko.
| Cryptocurrency | 24-Hour Losses | Price (Recorded at 1:01 a.m. EDT) |
| Bittensor (CRYPTO: TAO) | 7.4% | $294.45 |
| Artificial Superintelligence Alliance (CRYPTO: FET) | 7.2% | $1.17 |
| Render (CRYPTO: RENDER) | 4.0% | $5.60 |
The chip-making giant’s second-quarter earnings and revenue beat Wall Street estimates. But despite the better-than-expected performance, shares of the chip-making giant were down nearly 7% in after-hours trading, suggesting that investors’ lofty expectations were not met.
See Also: Donald Trump’s Pro-Bitcoin Stance Influenced Ethereum ETF Approval, Analyst Posits
Despite Wednesday’s pullback, AI-related tokens posted healthy gains over the week, with FET and RENDER gaining 20.8% and 16.1%, respectively.
Year-to-date, FET has soared 75%, while RENDER and TAO mopped up gains of 18% and 10%, respectively.
The surge coincided with Nvidia’s staggering 160% gains since the start of the year, positioning the tech company as the market’s best performer for 2024.
Price Action: Shares of Nvidia closed 2.10% lower at $125.61 during Wednesday’s regular trading session, according to data from Benzinga Pro.
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