Nvidia’s Earnings Triumph Ignites Surge in AI-Linked Cryptocurrencies Amid Market Optimism

LBank Exchange
2 min readFeb 23, 2024


The semiconductor behemoth Nvidia outperformed its high fourth-quarter earnings forecasts, leading to a significant uplift in both the broader stock market and the niche market of cryptocurrencies linked to artificial intelligence (AI). On Wednesday, Nvidia announced that its earnings per share for the fourth quarter reached $5.16, surpassing the consensus estimate among analysts of $4.59 per share, as compiled by FactSet. Furthermore, the company reported a revenue of $22.1 billion for the same period, exceeding the expectations of Wall Street analysts who had anticipated a figure around $20.4 billion.

This financial revelation had a ripple effect, particularly benefiting AI-focused cryptocurrencies. Notably, SingularityNet (AGIX) experienced a surge of over 20%, FetchAI (FET) saw its value increase by more than 10%, and Render (RNDR) enjoyed an 8% uptick. The cumulative market capitalization of AI-centric tokens has now eclipsed the $16.5 billion mark, as per the data from CoinGecko.

Jensen Huang, the visionary founder and CEO of NVIDIA, commented on the milestone, stating, “Accelerated computing and generative AI have reached a critical juncture. There’s a burgeoning demand globally among businesses, various sectors, and countries.” In a forward-looking statement, Nvidia projected its revenue for the first quarter to be around $24 billion, which again outstrips the analysts’ forecast of $22.2 billion.

This financial triumph comes as Nvidia’s shares have witnessed an astronomical rise of more than 200% over the past year. This surge propelled the company’s market capitalization to nearly $1.7 trillion at one point, surpassing the market valuations of tech behemoths such as Amazon and Google. Nvidia’s stock performance has been so stellar that it prompted Goldman Sachs to dub it “the most important stock on planet earth.”

Following the announcement, Nvidia’s stock price soared by more than 7% in after-hours trading on Wednesday. This bullish sentiment was somewhat mirrored in the broader market, with S&P 500 futures climbing by 0.5%. However, in the cryptocurrency space, Bitcoin (BTC) moved contrarily, registering a decline of 1.2%.