Artificial Intelligence (AI) Cryptos Fetch.AI (FET), Render (RNDR), Bittensor (TAO) Gain in Price Ahead of Nvidia (NVDA) Earnings
Artificial intelligence-focused cryptocurrencies climbed Wednesday, defying the muted action of the broader digital asset market ahead of the quarterly earnings report of chip-making heavyweight Nvidia (NVDA) due later.
Large-cap AI tokens such as Fetch.ai’s FET, Render’s RNDR, Bittensor’s TAO and SingularityNET’s AGIX advanced 4%-5% over the past 24 hours, CoinGecko data shows. Decentralized physical infrastructure network (DePin) AIOZ Network’s token (AIOZ) jumped 7% during the day after an announcement that the chip-maker listed the project on the Nvidia Accelerated Applications Catalog where users can search for tools and services built on Nvidia platforms.
The native token of layer-1 (L1) network Near Protocol (NEAR) – which attracted some buzz when its co-founder spoke at an Nvidia conference earlier this year – saw a 2% gain during the same period and was the best performing asset – in the CoinDesk 20, which fell 0.6% alongside modest declines for bitcoin (BTC) and ether (ETH).
Nvidia shares were lower by 1.5% just ahead of the close of regular trading Wednesday, with the earnings results due after the bell.Patrick Moorhead, founder and CEO of Moor Insights & Strategy, said in an interview with Yahoo Finance earlier this week that “the company is going to clearly beat expectations.” The stock has climbed 90% this year and more than 200% year-over-year.
