Nvidia’s Q2 2024 Earnings Up 122%. Is There Potential Growth for AI-Related Crypto Assets?

American chipmaker Nvidia has released its earnings report for the second quarter of 2024, which ended on July 28. The company reported $30 billion in revenue, an increase of 122% compared to the second quarter of 2023.

Amid numerous legal challenges, Nvidia beat analyst expectations for the quarter, revenues close to Q3 forecasts of $32.5 billion.

Interestingly, Nvidia’s report highlights its pioneering position in the industry amid the rapid proliferation of AI chips. But will the company’s second-quarter earnings spark a potential surge in AI-powered crypto assets in the future?

Nvidia’s revenue grows 122% year-over-year

According to Nvidia’s Q2 report profits report, the chipmaker raked in about $30 billion in revenue, up 15% from the previous quarter. That figure represents a 122% increase compared to earnings during the same period last year.

In addition, the technology company reported earnings per share of $0.68, up 168% year over year. This figure indicates a 12% increase from last quarter’s profit of $0.60 per share.

Nvidia’s report topped analyst estimates, forecasting revenue of $28.72 billion and earnings of $0.64 per share. Meanwhile, Nvidia is forecasting revenue of $32.5 billion for the third quarter, exceeding expectations in many markets.

The company’s data center business stood out, bringing in about 87% of total revenue. Nvidia raked in $26.3 million in revenue from data center sales.

Significantly, the recent growth in AI-related markets and products is responsible for Exceptional performance from Nvidia. The company remains at the forefront of the industry with relevant, innovative products and services that meet growing market demand.

Nvidia’s recent earnings report confirms its strong position in the AI ​​chip market. This could signal an explosive rally in AI products and services to come.

In addition, Nvidia expects to launch Blackwell chipsets this year. can increase its popularity and profits.

To maintain the current momentum and keep investor sentiment positive, the company will need to achieve its goals in the remaining two quarters of the year.

However, amid the impressive earnings reports, Nvidia shares did not react positively. NVDA is trading at $125.61, down 3.25% to a pre-market price of $121.53.

Growing competition in the artificial intelligence and integrated circuits market

Nvidia set an industry record with its latest financial report and financial results.

Some experts speculate, potential rally for AI-related crypto assets amid volatility in the broader cryptocurrency market. Notably, Bitcoin fell below the $60,000 level, losing more returns on investor expectations of possible interest rate cuts by the Federal Reserve.

Over the past seven days, the value of AI-based tokens FET, Akask Network (AKT) and RENDER have skyrocketed 26%, 10%AND 13%, appropriately.

In addition, the market for artificial intelligence and integrated circuits is currently under strong competition from several companies trying to outdo Nvidia. Tech startups like d-Matrix, Cerebras, Groq, and others are vying for more attention.

Their goal is to attract more investments that will promote their products and improve their competitiveness.

Likewise, giant tech companies like Meta, Microsoft, Alphabet, OpenAI, and Amazon continue to grow their positions. While they are dependent on Nvidia’s upcoming Blackwell processors, these companies are also looking to build their own AI chips.