According to Cointelegraph: In a surprising turn of events, AI-related cryptocurrency tokens experienced little movement in price despite Nvidia's strong Q1 earnings report. This seems to go against investor expectations, as Nvidia — known for producing chips used in AI models — recorded an 18% Q1 revenue increase from Q4 2023 and an impressive 262% rise YoY.
After the announcement, Nvidia's stock surged 6.06% in after-hours trading. However, the earnings report had a different impact on the AI crypto market. Render, an Ethereum-powered platform, saw a 12% decline in price within five hours of the report's release.
Other AI-related tokens, such as The Graph, Fetch.ai, and SingularityNet, similarly experienced dips. Yet, many traders believe there will be a delayed positive effect on the wider crypto market due to Nvidia's solid performance, expecting that successful stocks can lead to a healthy crypto market.