Crypto News Today- Top AI Tokens Experience Market Cap Decline Following Nvidia’s Q1 Earnings Report

Leading AI Tokens See Market Cap Downturn Following Nvidia’s Q1 Earnings Announcement

Crypto News– Top AI tokens: After Nvidia released its first-quarter earnings report on Wednesday, surpassing financial analysts’ expectations, the largest artificial intelligence cryptocurrencies by market cap initially experienced a drop. This indicated that traders were taking profits.

According to data from CoinGecko, the top five AI tokens by market cap – FET, ICP, RNDR, GRT, and TAO – which had seen gains prior to the earnings report, all declined immediately after Nvidia’s announcement. RNDR, the native token of the peer-to-peer GPU marketplace Render, was the most affected, dropping by 4.7% within an hour of the announcement.

Four of these tokens are still trading below their price at the time of Nvidia’s announcement, which was published to Yahoo Finance at 4:20 p.m. EST. FET was trading around $2.65 at the time of the announcement and has since dropped 4% to $2.54. ICP, RNDR, and GRT are just slightly below their price at the time of the announcement.

Nvidia’s quarterly revenue increased by 18% from the last quarter to $26 billion in Q1 of 2024. Nvidia’s Q1 report also announced a ten-for-one forward stock split of NVIDIA’s issued common stock—an effort to make “stock ownership more accessible to employees and investors,” according to the announcement.

According to Reuters, Nvidia’s first-quarter revenue of $26 billion beat analysts’ estimates of $24.65 billion.

The price action of the top AI tokens may come as a surprise to some traders, as positive news about Nvidia in the past has coincided with AI tokens increasing in price. For example, at the time of Nvidia’s GTC 2024 in March, a developer conference for artificial intelligence, AI tokens soared, according to blockchain sleuth Lookonchain.

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