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Nvidia shares showcased outstanding performance in the past week, spiked by 15%, and speculated the price movements of AI crypto tokens.
The trading market is highly volatile because the price of a stock fluctuates rapidly in a short period, hitting new highs and lows. Nvidia, the fabless chip designer showcased a jaw-dropping performance last week when it surged 15%. The surge raised hopes for AI token holders. Crypto traders and analysts expect the AI tokens to follow suit.
The Outstanding Performance Of Nvidia Shares
The trading analysis platform The Kobeissi Letter expressed astonishment in its April 27 update, highlighting the significant surge in Nvidia’s market value over the previous week.
“Nvidia’s shares soared from a trough of $756 to upwards of $880, amassing an approximate increase of $320 billion in market capitalization,” the report noted.
Trading resource, The Kobeissi Letter tweeted the same on X.
This is absolutely insane:
— The Kobeissi Letter (@KobeissiLetter) April 26, 2024
Nvidia stock, $NVDA, is now up a massive 17% from its low just 5 trading days ago.
The stock has jumped from a low of $756 to $880+, adding ~$320 BILLION in market cap.
This week alone, Nvidia has added market cap equivalent to the entire value of… pic.twitter.com/NEZFsGQvcy
At press, the NVIDIA stock is trading at the value of $877.35 with a market cap of 2.19 Trillion. The company gave an outstanding return to its investors since the beginning of the year it gave a remarkable return of 78.16% and over the last year, it gave a whopping return of 220.63%.
Moreover, the company growth was also outstanding in the last quarter it gave revenue of $22.10 Billion with a net income of $12.29 Billion and a net margin of 55.58% demonstrating strong fundamentals.
The next earnings report is in the next 26 days. If the company surpasses the earning expectations then it will reach new highs.
What About AI Crypto Tokens
In recent times, the performance of AI-based cryptocurrencies has been poor, with significant price drops. However, analysts are optimistic about the future of these cryptocurrencies.
They are drawing parallels with the previous cycle where Nvidia’s strong performance led to a surge in the value of AI-based cryptocurrencies. Therefore, they believe that AI cryptocurrencies are likely to experience a similar upside move shortly.
According to CoinMarketCap, at the time of writing, Render (RNDR) is trading at $7.95, a drop of 4.60% in the past day, Fetch.AI (FET) is trading at $2.11 after a decline of 4.75%, and SingularityNET (AGIX) holds a value of $0.8688, after a drop of 3.32%.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
