Despite a broader market correction, various artificial intelligence (AI)-based crypto tokens and traditional stocks experienced notable gains on Feb. 21, fueled by optimistic market sentiment.
The total market cap of AI-based tokens soared by over 9% to $17.8 billion since Nvidia’s quarterly earnings report, marking a significant increase from $7 billion earlier in February. The surge in market cap coincided with OpenAI‘s announcement of its text-to-video tool, Sora, on Feb. 15.
Many attribute the favorable market growth of AI tokens to Nvidia’s robust fourth-quarter earnings report, which exceeded market expectations. Nvidia reported revenues of $22.1 billion, surpassing Wall Street’s projected $20.4 billion. The chipmaker’s AI data center revenue surged in January compared to 2023, reflecting the global demand for generative AI. With a market capitalization of $1.67 trillion, Nvidia surpassed Tesla as the world’s most traded stock.
Nvidia’s positive performance extended to AI-focused stocks, with several companies reaching new highs.
The collective growth in both AI-based crypto tokens and traditional stocks underscores the market’s confidence in the potential of AI technology and its applications across various sectors.
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