NVDA rallies to a one-month high as excitement builds around the chipmaker's impending earnings report.
Native cryptocurrencies of blockchain projects supposedly using artificial intelligence have led the crypto market recovery in recent days, while shares of Nasdaq-listed chipmaker Nvidia , the poster child for all things AI, also rallied. RNDR, the utility token of decentralized GPU-based rendering solutions, The Render Network, has surged almost 40% to $10.432 in seven days, the biggest gain among the top 100 cryptocurrencies by market value, according to data source's FET, have gained between 17% and 23%, outperforming the broader market. Bitcoin, the largest cryptocurrency by market value, has risen 1.
The chipmaker is set to report first-quarter earnings on May 22 after the market close. Zacks Investment Research expects the company to report earnings per share of $5.49, a 403% year-on-year increase. Recent results from other AI companies have been largely positive, according to Bloomberg.Shares in NVDA rose to $922 on Monday, hitting the highest since April 1. They have recovered more than 20% from the low of $756 reached on April 19, according to data source TradingView.
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