Nvidia’s Q2 Earnings Buzz Propels AI Tokens to Outpace Market 

Key Takeaways

• Nvidia is set to release its second-quarter earnings report on Aug. 28, 2024.
• Artificial intelligence tokens are surging in the lead-up to Nvidia’s Q2 earnings.
• Analysts believe the earnings report will be the most important week for the stock market this year”.

Anticipation is running high for Nvidia’s upcoming earnings report scheduled for Aug. 28, 2024, with many expecting the US tech giant to shatter profit records.

According to investment firm Wedbush Securities , the company’s earnings report is likely to be “the most important week for the stock market this year and potentially in years.”

This week looks equally important for the crypto market, as AI-based crypto assets have seen significant surges over the past week. 

AI Tokens Surge

AI tokens, including Bittsensor, Render, and Artificial Superintelligence Alliance, have seen massive gains that have outpaced the crypto market over the past seven days. 

Artificial Superintelligence Alliance, a consortium of Fetch.ai, SinghularityNET, and Ocean Protocol, surged 61% over the past week, reaching $1.31 on Aug. 26, according to CoinGecko . 

Render, the utility token of the Render Network, a provider of a decentralized GPU-based rendering and machine learning platform, also saw a 40% price increase to reach $6.25 on Aug. 26.

Bittensensor, which uses blockchain and decentralized systems to create a market for AI, saw an almost 7% increase over the past week, reaching $343 on Aug. 26. This again outpaced the wider crypto market, which is up 6.9%. 

Nvidia Is the “Foundation for the AI Revolution”

In an interview with Fortune, Wedbush Securities’ Dan Ives said he believes Nvidia’s new earnings round will be “another masterpiece” for CEO Jensen Huang.

In an investor note last week, Ives said: “There is one company in the world that is the foundation for the AI Revolution, and that is Nvidia.”

Labelling Huang “the Godfather of AI,” the analyst said the CEO had “the best perch and vantage point to discuss overall enterprise AI demand and the appetite for Nvidia’s AI chips looking forward.”

Potential Delays on Nvidia’s Upcoming AI Chip

In August, The Information reported  that Nvidia’s upcoming AI chip, the B200 chip, could be delayed up to three or more months due to a design flaw.

The market will be looking for an update on the status of Nvidia’s transition to the B200 chips, as well as an update on the demand for its current H100 processors.

Delays in the production of the new chips could affect Nvidia’s customers, which include Microsoft, Google, and Meta. 

According to The Information, large shipments of the B200 are not expected until the first quarter of 2025.

About the Author

Kurt Robson

Kurt Robson is a London-based reporter at CCN with a diverse background across several prominent news outlets. Having transitioned into the world of technology journalism several years ago, Kurt has developed a keen fascination with all things AI. Kurt’s reporting blends a passion for innovation with a commitment to delivering insightful, accurate and engaging stories on the cutting edge of technology.

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