Akash Network (AKT) saw a 6% price increase to $1.48 at the time of writing and was up 150% in the past two weeks. This performance is likely due to strong forecasts for the AI sector. Indeed, HSBC has reaffirmed their buy rating for Nvidia with a price target of $780, up from $600.
Investors were optimistic as US stocks opened higher on Monday and attention shifted to Nvidia’s earnings and the Federal Reserve meeting at Jackson Hole. In related news, HSBC analyst Frank Lee increased the price target for Nvidia’s shares, which rose 4% in early trading.
The booming demand for Nvidia’s AI GPUs is expected to continue into 2025, driven by the growth in AI applications. With Nvidia’s success, it is likely that crypto projects, such as Akash Network, will benefit from the AI pivot.
Akash Network is a decentralized marketplace for cloud resources that has been testing Nvidia GPUs on its Akash GPU Testnet. As the project seeks to revolutionize the decentralized physical infrastructure networks (dePINs), AKT price could reach its all-time high of $8.07 from April 2021.