Nvidia, the top technology company from the United States, recorded astonishing growth in the first quarter report of fiscal year 2025. This impressive performance fueled growing speculation towards artificial intelligence (AI)-based crypto projects such as Render (RNDR).
Nvidia Cuan Rp416 Trillion
In its first quarter report ended April 28, 2024, Nvidia reported revenue of $26 billion (Rp416 trillion), an increase of 18 percent from the previous quarter and 262 percent from the same period last year.
In addition, non-GAAP earnings per share was recorded at $6.12 (Rp97,920), up 19 percent from the previous quarter and more than 460 percent compared to the previous year.
As a result, Nvidia (NVDA) shares jumped 6.06 percent in after-hours trading on Wednesday, trading around $1,007 (Rp16,112,000). NVDA shares have gained more than 150 percent in the past year, driven by high demand for AI chips.
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Nvidia CEO comments
"The next industrial revolution has begun. Companies and countries are working with Nvidia to shift traditional trillion-dollar data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence," Nvidia CEO Jensen Huang said.
"AI will deliver significant productivity gains in almost every industry and help companies become more cost and energy efficient while expanding revenue opportunities," Huang added.
Power More Advanced AI
For Nvidia products, the company indicated that the Blackwell platform is in full production for more advanced generative AI. The company also announced that Spectrum-X will open up more markets, while Nvidia's new NIM software attracts more corporate customers.
After an impressive first-quarter performance, Nvidia's market valuation rose to around $2.37 trillion (Rp37,920 trillion), only $400 billion (Rp6,400 trillion) lower than the total overall crypto market capitalization.
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AI-Based Crypto Projects Soar
According to market intelligence platform Santiment, whale activity for AI-based crypto projects has seen a sharp spike in recent days. Nvidia's impressive quarterly performance is highly anticipated to surpass the previous quarter, and those expectations did not disappoint.
One AI-based crypto project that recorded significant whale activity is Render (RNDR), a distributed GPU rendering network built on the Ethereum blockchain. According to Santiment, a known crypto whale sent 4.89 million $RNDR tokens, worth about $52.1 million (Rp833.6 billion), to an unknown wallet address.
AI Crypto Market Cap Rises
The market capitalization of AI-based crypto is around $35.4 billion (Rp566.4 trillion) with an average daily trading volume of around $2.2 billion (Rp35.2 trillion). Some of the leading AI-based crypto projects include Fetch.ai (FET), Bittensor (TAO), The Graph (GRT), and SingularityNET (AGIX), among others.
The significant growth of AI-based crypto projects is benefiting from speculation that every industry will adopt artificial intelligence to increase output and reduce operational costs. The United States and China have shown major differences in AI-related technologies when it comes to sharing, indicating growing demand.
Conclusion
With Nvidia's stellar performance and surge in interest in AI-based crypto projects, the future of artificial intelligence in various industries seems to be getting brighter. Strong support from leading technology companies like Nvidia ensures that AI innovation and development will continue, bringing a significant impact on the global economy and the way we live our daily lives.
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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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