The AI and semiconductor giant announced its second-quarter earnings on Aug. 28 with a net income increase to $16.6 billion.<\/p>\n
The tech giant reported revenue of $30 billion, up 122% year-over-year and 15% quarter-over-quarter.<\/p>\n
The bullish revenue report could boost the burgeoning artificial intelligence sector and have a knock-on effect on crypto assets, but that has yet to be seen today.<\/p>\n
The firm beat Wall Street estimates with the jump in profit but investors were not impressed as company stock tanked almost 8% in after-hours trading with NVDA falling to around $117.<\/p>\n
Despite the growth in revenue, \u201cit appears the bar was just set a tad too high this earnings season,\u201d said chief market strategist at Carson Group, Ryan Detrick, who told<\/a> AP:<\/p>\n \u201cThe size of the beat this time was much smaller than we\u2019ve been seeing. Even future guidance was raised, but again not by the tune from previous quarters.\u201d<\/p>\n In an earnings call to investors, Nvidia founder and CEO Jensen Huang said, \u201cThe people who are investing in Nvidia infrastructure are getting returns on it right away,\u201d before adding, \u201cIt\u2019s the best ROI infrastructure, computing infrastructure investment you can make today.\u201d<\/p>\n The firm\u2019s chief financial officer, Colette Kress, attributed the growth to GPU sales and excitement over the company\u2019s new Blackwell chips.<\/p>\n Nvidia has become a market leader in the AI sector and is now valued at over $3 trillion as demand for generative AI products fueled sales of the firm\u2019s specialized processors.<\/p>\n Crypto acting like someone leaked the NVIDIA earnings.<\/p>\n \u2014 Adam Cochran (adamscochran.eth) (@adamscochran) August 27, 2024<\/a><\/p>\n\n Artificial intelligence-based tokens have been on a roll recently, leading up to the highly anticipated revenue report.<\/p>\n AI tokens<\/a> such as Near Protocol (NEAR), Artificial Superintelligence Alliance (FET), Bittensor (TAO), and Render (RENDER) have all seen gains outpace the broader crypto market over the past week or so.<\/p>\n Nevertheless, crypto markets have tanked hard this week, with total capitalization dumping around $200 billion since the weekend.<\/p>\n Bitcoin led the fall with a decline<\/a> back to $58,000 on Aug. 27 and AI-based altcoins have followed suit as the market cools.<\/p>\n With the Nvidia earnings report now out of the way, investors are looking towards September and an interest rate reduction<\/a> in the United States for possible crypto market momentum.<\/p>\n The post No Love for Crypto Markets Following Nvidia Earnings Report<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The AI and semiconductor giant announced its second-quarter earnings on Aug. 28 with a net income increase to $16.6 billion. The tech giant reported revenue of $30 billion, up 122% year-over-year and 15% quarter-over-quarter. The bullish revenue report could boost the burgeoning artificial intelligence sector and have a knock-on effect on crypto assets, but that […]<\/p>\n","protected":false},"author":0,"featured_media":1876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1875"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1875"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1875\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1876"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Crypto Market Outlook<\/h2>\n