Nvidia’s strong earnings report didn’t have the immediate effect on AI crypto tokens that traders expected.
The price of artificial intelligence (AI)-related cryptocurrency tokens briefly tumbled despite Nvidia’s impressive Q1 earnings report, contrary to crypto traders’ expectations.
Nvidia — known for powerful chipsets that have pivoted toward AI processing — saw Q1 revenue jump 18% from the fourth quarter last year and surge 262% from a year ago, beating analyst estimates of $24.6 billion, Cointelegraph reported on May 23.
The earnings report was released after the New York Stock Exchange (NYSE) market closed on May 22 — NVDA spiked 6.06% in after-hours trading, reaching $1,007 at the time of writing, according to data from Yahoo Finance.
