- Nvidia reported second-quarter revenue of $30.4 billion.
- FET and TAO are expected to benefit from positive news from NVDA in the long term.
The AI sector is back in action this week, outperforming other sectors significantly despite the recent market downturn.
NVIDIA (NVDA) recently reported Q2 earnings, reporting revenue of $30.04 billion, beating estimates by 3.8%. The company earned adjusted earnings per share of 68 cents, beating expectations of 64 cents.
Nvidia expects revenue of $32.5 billion in the third quarter, up 80% year over year and beating consensus estimates of $31.7 billion.
Source: Quartr/X
AI Projects with the Most Mindshare
Among AI projects, Bittensor (TAO), Artificial Superintelligence Alliance (FET), Near Protocol (NEAR), Arkham (ARKM), The Graph (GRT), and Internet Computer (ICP) received the most attention ahead of NVIDIA’s earnings report.
While AI coins and Nvidia have not shown a strong correlation in recent weeks, this development is expected to increase interest, and the price could potentially rise further as technical and fundamental indicators align.
Source: Kaito
NVIDIA’s positive earnings report has already generated interest in TAO and FET, positioning the two companies as top contenders in the AI crypto space.
Price action reaction of FET and TAO
Following Nvidia’s earnings announcement, FET price movements also showed positive signs.
FET price is expanding under pressure, and Bollinger Bands are forming after the price bounced from the support level on the daily timeframe.
Also, FET broke out of a falling wedge pattern, and strong earnings from Nvidia are expected to push the price higher. The volume bar turned green, indicating that buyers are currently in control.
Source: TradingView
Bittensor is also poised to benefit from Nvidia’s earnings news. TAO’s price action has broken out of the downtrend line and could see further upside if it holds this level as support.
However, if the price fails to maintain this support, it may be wise to wait before investing further. However, given the current price of TAO is relatively low, it may be a good time to acquire more tokens.
Source: TradingView
Performance Overview
At the time of writing, the latest data shows that TAO was trading at $295.17, while Fetch.ai was trading at $1.21. FET has a larger market cap of $3.04 billion compared to TAO’s $1.93 billion.
FET’s trading volume to market cap ratio of 13.67% suggests greater price stability, making it a more stable investment compared to TAO, which has a lower ratio of 4.30%.
Source: Coinpare
While both coins are down over 60% from their all-time highs, FET has shown more consistent returns across major time frames, with year-to-date returns reaching +406%.
Read the price predictions from the Federation of Artificial Superintelligence (FET) for 2024-2025
TAO Future Prediction
Comparemarket predicted that in the future, TAO’s price could rise by more than 30x to reach Solana’s (SOL) current market cap, trading at $9,186 per token.
However, these predictions depend on market conditions and Nvidia’s continued influence on AI-related cryptocurrencies.
Source: CompareMarketCap