Nvidia Reports Booming Demand as A.I. Cryptocurrencies Surge


Side Face of AI Robot in particle form.

Yuichiro Chino | Moment | Getty Images

Thursday saw a big boost for AI-themed cryptos. According to CoinMarketCap, the price of SingularityNET AGIX (AGIX) increased by 19%, Cortex (CTXC) rose by 6%, to 17 cents and Measurable Data Token (MDT) added 6.5% for a coin of 4 cents. All of these tokens are valued at less than 40 million dollars. Fetch.ai, with a market capitalization of $195,000,000, gained almost 5% and is now trading at 23 cents. Meanwhile, most of the other cryptocurrency markets, including Bitcoin and Ether, were flat.

Nvidia, A.I. And other investment ideas

“AI cryptocurrencies” refer to the blockchain-based AI project’s corresponding tokens. For example, Fetch.ai is committed to building infrastructure for “smart, autonomous services” in areas such as the supply chain, finance and travel. Cortext aims to be the “first decentralized world computer capable of running AI and AI-powered dApps on the blockchain.”

Crypto traders got a sentiment boost from the rally in the S&P 500 and Nasdaq Composite, driven by Nvidia. The company released a stunning sales forecast for the year Wednesday and cited the demand for AI capabilities. Its projected sales for its second quarter fiscal 2024 are more than 50% higher than what analysts expected.

In a certain corner of the tech world, some market participants have believed for a long time that blockchain technology can be used to benefit the wild west of AI and could potentially act as a catalyst for the cryptomarket at large. Specifically, blockchain technology’s ability to deploy digital identification solutions at scale could be useful as AI becomes smarter at manipulating identities of people on the Internet. 

It’s early days yet for both technologies, so it could be some time before they are fully developed.

Bitcoin and Ether hovered just above the flat line Thursday as investors continue to focus on ongoing debt ceiling talks. The extended holiday weekend is a time when they will be able to relax and enjoy themselves. The minutes from the latest Federal Reserve meetings released Wednesday showed that officials are also divided about the next step for the central bank when it comes to interest rate hikes.

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