"Wahhh that means this AI token is looking forward to Nvidia's fourth quarter earnings report."
It came as a surprise when chipmaker giant Nvidia (NVDA) beat expectations for fourth-quarter earnings that were already high, boosting the broader equity market and artificial intelligence (AI)-related tokens.
Nvidia reported on Wednesday that its fourth-quarter earnings per share were $5.16, beating the average analyst estimate of $4.59 per share, and the chipmaker also posted revenue of $22.1 billion, which came in higher than Wall Street's $20.4 billion estimate.
After Nvidia's earnings, AI tokens such as SingularityNET (AGIX) surged over 20% while FetchAI (FET) and Render (RNDR) gained 10% and 8% respectively while the total market capitalization of AI tokens surpassed $16.5 billion.
According to Jensen Huang, the founder and Chief Executive Officer (CEO) of Nvidia, computing has accelerated and generative AI has reached a critical point following the mounting demand worldwide across firms, industries including countries.
Nvidia also forecast first-quarter revenue of $24 billion, beating analysts' estimates of $22.2 billion, and the chipmaker's stock rose more than 7% in after-market trading.
The upward momentum comes as Nvidia shares fuel the AI revolution, which soared more than 200% over the past year, bringing the firm's market capitalization to nearly $1.7 trillion at one point, surpassing the value of tech giants Amazon and Google.
Not only that, the climb is also so hotly talked about that Goldman Sachs called it the most important stock on planet earth.
