Nvidia reports good results and AI cryptocurrencies soar

Several cryptocurrencies and tokens related to the world of artificial intelligence (AI) have had an increase in price. In part, the rise (in addition to the general rise of the market) can be attributed to the good performance of a fundamental piece for the development of the AI ​​industry: the company Nvidia. This company recently provided a quarterly financial flows report.

Among the cryptoassets that have been on an upward trend is Bittensor (TAO), an AI protocol based on open source principles, with a growth of 18% in the last seven days.

The price of the asset went from $398 to $471 in the aforementioned time period, as seen in the following TradingView chart.

Also added to the list is Injective (INJ), a Cosmos-based network token for DeFi applications. The price of INY seven days ago was $23 and today it is $27. That represents an increase of 17%.

Another asset that has performed well is The Graph (GRT), an indexing protocol for querying data from networks like Ethereum. The price of the token is located at $0.33 and seven days ago it was $0.30, according to TradingView.

The good momentum of these crypto assets from the AI ​​niche comes in part, as mentioned, from the positive financial results that the American company Nvidia had in its last trimester.

That strong performance by the company signals a positive outlook for the AI ​​industry in general, increasing the confidence of investors in cryptocurrencies that also use AI for their development and operation (or that simply promote narratives linked to AI ).

Nvidia had record revenue in the last quarter

Nvidia presented a quarterly report in which they show that had revenues of 26 billion dollars18% more than in the fourth quarter of last year and 262% more than a year ago.

Jensen Huang, founder and CEO of Nvidia, maintains that the next “industrial revolution” has begun. That’s because companies and countries are partnering with Nvidia to “shift traditional trillion-dollar data centers to accelerated computing and build a new type of data center to produce a new product: artificial intelligence.” .

The California-based company produces microprocessors, known as graphics processing units (GPUs), and these They are essential for the advances that AI has had.

Nvidia GPUs have a parallel architecture, ideal for processing large volumes of data and performing complex calculations, essential features for training and executing AI models.

One of the main companies carrying out projects with AI is OpenAI, creator of ChatGPT. Just last April, it received the first DGX H200 GPU from Nvidia. This is a microprocessor built from scratch for enterprise artificial intelligence.

Additionally, spot ETFs for ether (ETH), Ethereum’s native cryptocurrency, have also been responsible for pushing up the cryptoasset market, as they have a high probability of being approved by the United States Securities and Exchange Commission (SEC). ), during the course of today, as reported by CriptoNoticias.