Analysts surveyed by FactSet anticipate Nvidia will report earnings of 65 cents per share, marking a 141% year-over-year increase.
Major cryptocurrencies like Ether, Solana, and XRP experienced slight losses over the past 24 hours, despite a general market uptick over the weekend. AI-related tokens, such as Artificial Superintelligence Alliance’s FET and Bittensor’s TAO, led the market gains, rising 8.8% and 4.7%, respectively, ahead of Nvidia’s highly anticipated earnings report. The broader market remained flat, with expectations of continued improvement due to potential rate cuts and economic stabilization.
Bitcoin (BTC) slipped below the $64,000 mark during Asian trading hours on Monday, following a 5% jump on Friday after positive remarks from Jackson Hole. U.S. Federal Reserve Chairman Jerome Powell announced that a monetary easing cycle is set to begin next month, easing pressures on risk assets as the prospect of cheaper money buoyed prices. While major tokens surged on Saturday, they registered slight losses over the past 24 hours. Ether (ETH) traded just above $2,700, while Solana’s SOL and XRP were priced at $158 and 58 cents, respectively. Meanwhile, Tron’s TRX jumped 3% as an ongoing memecoin frenzy continued to drive demand for the token.
Traders remain optimistic about the current rally’s continuation in the coming months. “With inflation more or less under control, the market focus will shift to the labor market and whether the Fed will successfully deliver a soft landing for the U.S. economy,” Lucy Hu, senior analyst at Metalpha, said in a Telegram message on Monday. “We expect market sentiment to improve in the coming months as rate cuts approach, the economy stabilizes, and potential crypto-friendly policies emerge if Trump is elected.”
AI tokens surged on Monday, with traders in Asia heavily investing in FET, the token of the ‘Artificial Superintelligence Alliance,’ and Bittensor’s TAO. This move into AI tokens comes ahead of Nvidia’s (NVDA) much-anticipated earnings report on August 28.
FET saw an 8.8% increase by early afternoon in Hong Kong, while TAO rose by 4.7%. Historically, Nvidia has been a bellwether for the growing AI token market, with tokens typically rising in anticipation of its earnings. Analysts polled by FactSet expect Nvidia’s earnings per share this quarter to be a blockbuster event, with a 65 cents per share estimate reflecting a 141% year-over-year increase. Revenue is projected to reach $28.72 billion, up 113%. This would mark Nvidia’s fifth consecutive quarter of triple-digit growth, with the tech sector expected to perform strongly for the remainder of the year, particularly as the Fed is likely to cut rates in September.
