Markets
Render (RNDR) Dominates Crypto AI Market Amid Record Nvidia Earnings
On Wednesday, Nvidia Corp. (NASDAQ: CORP), a leading global provider of artificial intelligence (AI) software and hardware products, reported its revenue for the first quarter ended April 28 for fiscal year 2025. According to the announcement, Nvidia recorded revenue of $26 billion during the first quarter, an increase of 18% from the previous quarter and 256% year over year.
The company’s data center reported a revenue increase of $22.6 billion, a 23% increase from the previous quarter and more than 420% year over year. Ultimately, the company increased its quarterly cash dividend by 150% to $0.01 per share following a ten-for-one stock split.
As a result, NVDA shares gained more than 6 percent in trading on Wednesday, trading around $1,007. Notably, NVDA shares are up more than 91% year-to-date.
BREAKING: Nvidia shares, $NVDArises to $1,000/share after reporting earnings and 10:1 stock split.
The company posted record quarterly revenue of $26 billion with earnings per share of $6.12, both above expectations.
This marks a 260% jump in revenue year over year for the third largest… pic.twitter.com/FcJElzKjCs
– The Kobeissi Letter (@KobeissiLetter) May 22, 2024
Crypto AI projects follow Nvidia in tandem
In recent quarters, crypto AI projects have benefited significantly from Nvidia’s impressive stock market growth performance. According to the latest market data, the crypto AI industry has a market value of around $35.4 billion and an average daily trading volume of around $2.2 billion.
Some of the top AI-focused crypto projects include Fetch.ai (FET), Render (RNDR), The Graph (GRT), Bittensor (TAO), and SingularityNET (AGIX), among others.
According to market intelligence platform Santiment, whale activity in the AI crypto sectors has experienced a sharp increase led by Render (RNDR). Specifically, a known RNDR whale sent 4.89 million units worth over $52 million to an unknown wallet address.
As a result, RNDR’s average daily trading volume increased by more than 107% to around $836 million on Thursday during the start of the Asian session.