Crypto

AI-Focused Tokens Surge 4%-7% Ahead of Nvidia Earnings Report

AI Tokens Surge 4%-7% as Nvidia Lists AIOZ Network, Broader Crypto Market Falls 0.6%

By Bill Bullington

5/22, 17:10 EDT
Bitcoin / U.S. dollar
NVIDIA Corporation
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Key Takeaway

  • AI-focused cryptocurrencies like Fetch.ai (FET) and Render (RNDR) rose 4%-5% ahead of Nvidia's earnings report.
  • AIOZ Network's token surged 7% after being listed on Nvidia Accelerated Applications Catalog.
  • Despite a broad market decline, Near Protocol (NEAR) gained 2%, outperforming Bitcoin and Ether.

AI Tokens Surge

Artificial intelligence-focused cryptocurrencies experienced notable gains on Wednesday, diverging from the broader digital asset market's subdued performance. Large-cap AI tokens such as Fetch.ai's FET, Render's RNDR, Bittensor's TAO, and SingularityNET's AGIX saw increases of 4%-5% over the past 24 hours, according to CoinGecko data. The AIOZ Network's token (AIOZ) led the pack with a 7% jump following the announcement that Nvidia listed the project on its Accelerated Applications Catalog. This listing allows users to search for tools and services built on Nvidia platforms, providing a significant boost to AIOZ.

The native token of Near Protocol (NEAR), a layer-1 network, also saw a 2% gain. NEAR had previously garnered attention when its co-founder spoke at an Nvidia conference earlier this year. Despite these gains, the CoinDesk 20 index fell by 0.6%, reflecting modest declines in major cryptocurrencies like bitcoin (BTC) and ether (ETH).

Broader Market Context

The broader crypto market's decline follows a recent rally driven by positive regulatory developments in the U.S. and falling bond yields as inflation fears eased. However, the market's focus has now shifted to Nvidia's upcoming quarterly earnings report, which is expected to provide insights into the demand for AI chips.

Nvidia shares were down 1.5% just before the close of regular trading on Wednesday. The company's stock has surged 90% this year and over 200% year-over-year, reflecting robust demand for its AI tools. Patrick Moorhead, founder and CEO of Moor Insights & Strategy, stated in an interview with Yahoo Finance that "the company is going to clearly beat expectations."

Nvidia's Earnings Anticipation

Wall Street is closely watching Nvidia's earnings report, with analysts expecting the company to surpass expectations. According to analysts polled by LSEG, Nvidia is projected to report earnings of $5.59 per share on $24.65 billion in revenue. Wolfe Research’s Chris Senyek emphasized the importance of Nvidia's F2Q25 revenue guidance, stating, "As long as it tops analyst expectations, NVIDIA is likely to remain a key tailwind for the overall U.S. stock market."

Nvidia's H100 Hopper chips, which support large language models, and the upcoming Blackwell graphics processing units are key drivers of the company's strong performance. Piper Sandler’s Harsh Kumar noted that demand for the new series appears strong, while Rosenblatt’s Hans Mosesmann expects the new chip to be sold out for at least a year.

Street Views

  • Patrick Moorhead, Moor Insights & Strategy (Bullish on Nvidia):

    "The company is going to clearly beat expectations."