AI Crypto Soars Post Nvidia’s Record-Breaking Q1; Render (RNDR) Leads the Way

Published by

Elena R

May 23, 2024

On Wednesday, Nvidia Corp. (NASDAQ: CORP), a leading global supplier of artificial intelligence (AI) software and hardware products, reported its revenue for the first quarter that ended on April 28 for the fiscal year 2025. According to the announcement, Nvidia raked in a whopping $26 billion, up 18 percent from last quarter and a jaw-dropping 256 percent compared to this time last year.

Why should you care? Because it could impact your portfolio! Read on to discover how.

Data Center Division Leads the Way

Nvidia’s data center division stole the show, pulling in an eye-popping $22.6 billion. That’s a 23 percent jump from last quarter and a mind-blowing 420 percent leap from last year. Riding high on this success, the company announced a whopping 150 percent increase in its quarterly cash dividend, now at $0.01 per share after a ten-for-one stock split.

As a result, NVDA stock gained over 6 percent on Wednesday’s after-hours session to trade around $1,007. Remarkably, NVDA stock has rallied over 91 percent year-to-date.

AI Crypto Boom: Riding Nvidia’s Wave

In the past few quarters, AI crypto projects have significantly benefited from the impressive growth performance of the Nvidia stock market. According to the latest market data, the AI crypto industry has a market cap of about $35.4 billion and a daily average traded volume of around $2.2 billion.

In the realm of AI-focused crypto projects, there are some heavy hitters making waves. Projects like Fetch.ai (FET), Render (RNDR), The Graph (GRT), Bittensor (TAO), and SingularityNET (AGIX) are at the forefront, ready to capitalize on Nvidia’s surge for their own growth.

RNDR’s Stunning Surge

One project in particular, Render (RNDR), is catching everyone’s eye with its surge in whale activity. A major RNDR player recently moved a whopping 4.89 million units valued at over $52 million to an undisclosed wallet. This move caused RNDR’s daily trading volume to skyrocket by a staggering 107 percent to around $836 million during Thursday’s early Asia session.

As Nvidia continues to push the boundaries of AI, the effects of their success ripple across industries, shaping the future of tech in ways we’re only beginning to imagine.

What do you think – Is AI crypto the next big thing?

Also Check Out: Render Token Price Prediction 2024, 2025, 2030: Will RNDR Token Hit $12 This Month?

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.