Nvidia beats expectations in Q2 but crypto market dipped. | Credit: Chip Somodevilla/Getty Images
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Key Takeaways
Nvidia reported strong results for the second quarter, beating Wall Street expectations.
The company continues its streak of nine straight quarters with more than 50% revenue growth.
The crypto market initially fell on the news but quickly recovered.
Nvidia (NVDA) smashed expectations again with revenue up more than 50%, fueling Wall Street’s AI optimism.
However, despite the amazing numbers, Bitcoin (BTC) sank to a seven-week low before bouncing back above $112,000.
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The company forecasts revenue of $54 billion for the third quarter, above the $53.1 billion consensus, though it excludes potential H20 chip sales to China.
The revenue climb marks the ninth consecutive quarter of over 50% growth. Net income rose 59% to $26.42 billion.
NVIDIA’s stock performance over the last five sessions. | Credit: Yahoo! Finance
Data-center revenue, which powers Nvidia’s market dominance, rose by 56% to $41.1 billion—slightly missing StreetAccount’s $41.34 billion estimate.
Within that, GPUs brought in $33.8 billion, while networking components jumped to $7.3 billion.
Notably, Nvidia had no H20 shipments to China this quarter. Still, it sold $180 million of H20 inventory to a non-China customer and flagged potential $2–5 billion H20 revenue ahead if allowed.
Despite beating the market expectations, NVDA stock fell by 0.1% during the ordinary trading and is down by 1.3% to $179.31 in pre-market activity.
The broader crypto market slipped nearly 2%, while traders braced for U.S. economic data.
Daily BTC volatility jumped from 15% to 38%, while ETH volatility surged from 41% to 70%.
Options markets showed the strongest demand for downside protection, with 25-delta skew turning negative for both coins.
Bitcoin increased after its initial tumble. | Credit: CoinMarketCap
Analysts flagged possible retests of $100,000 for BTC and $4,000 for ETH by late September, with key support at $103,700 and $100,800.
Bitcoin’s dominance, once at 66.30% in June, has dropped sharply, while Ethereum’s has risen in a parabolic rally toward 14.7% dominance.
Chart patterns suggest ETH could be topping, while BTC may be nearing a bounce.
BTC Recovered, But What’s Next?
Cryptocurrency markets showed signs of recovery soon after, with Bitcoin climbing past $112,000 and lifting sentiment across the sector.
Ethereum (ETH) also gained, rising above $4,500, while Cronos led altcoin gains by more than 60%.
At the time of writing, Bitcoin was trading at $112,760.94, up by 1.3% in 24 hours. It has a market cap of $2.24 trillion and a trading volume of $4.93 billion.
Despite the rebound, Bitcoin remains about 9% below its Aug. 14 peak of $113,123. Analysts caution that upcoming U.S. jobless claims and GDP data could steer market direction.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
