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AI-Focused Tokens Edge Higher Ahead of Nvidia Earnings Results
NEAR, FET, RNDR, TAO and AGIX gained even as the broader market benchmark CoinDesk 20 Index saw a slight decline during the day.
Updated May 22, 2024, 7:32 p.m. Published May 22, 2024, 7:29 p.m.
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.
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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 and ether .
Today's broad market decline came after the past few days' breakneck rally on several positive regulatory developments in the U.S. and falling bond yields as inflation fears abated.
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.
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