Nvidia outperformed expectations after recording EPS of $0.68 and $30 billion revenue in Q2.
alongside several AI tokens, declined despite the positive earnings report. Investors may have already priced in the higher than estimated report due to a rally in AI tokens last week. Nvidia smashed nearly all estimated metrics in its Q2 earnings report released on Wednesday. The chip giant posted earnings per share of $0.68, above expectations of $0.65, and revenues of $30 billion, beating expectations of $28.9 billion. As a result, its annual revenue growth now stands at 122%.
's share price ironically declined briefly by almost 5% before experiencing a slight upward correction. trades at a 2% daily loss at the time of writing. A similar trend is visible across several Artificial Intelligence tokens in the crypto market. Considering Nvidia's market dominance over the AI industry, its performance is seen as an indicator of the health and growth of companies/projects within the sector. As a result, most cryptocurrency investors use AI-related crypto tokens to gain leveraged exposure to Nvidia's price performance.
and Bitcoin . As indicated in the image below, the Near Protocol , Internet Computer , Artificial Superintelligence , RENDER and Bittensor are all down on the day. AI-related Cryptocurrencies Another reason for their failure to rally on the back of Nvidia's positive report may be that investors already priced in the higher-than-estimated earnings consideringlast week's price surges within the sector.
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