Nvidia results lift AI tokens

Fetch.ai company logo on a website, seen on a computer screen through a magnifying glass. AI tokens, such as fetch.ai, gained on Thursday.
AI tokens, such as fetch.ai, gained on Thursday. Photo: Getty

AI-related tokens gained after Nvidia (NVDA) posted earnings that topped estimations on Wednesday.

After the chip-maker's second quarter report artificial intelligence tokens, such as Fetch.ai (FET-USD), The Graph (GRT6719-USD), Injective (INJ-USD), Render (RNDR-USD) and SingularityNET (AGIX-USD) all gained.

The price action suggests investors see potential in the intersection between crypto and AI.

Read more: Crypto live prices

Nvidia shares climbed over 6% in extended trading on Wednesday after the chipmaker beat already high expectations with revenue of $13.51bn (£10.64bn), a 101% jump from last year.

AI tokens are cryptocurrencies associated with blockchain-based AI projects.

For example, Fetch.ai is dedicated to building infrastructure for smart, autonomous services, or "AI-agents" in supply chain, finance and travel.

SingularityNET is a decentralised, blockchain-based platform aimed at creating a marketplace for various types of artificial intelligence services.

Stock markets and crypto gain ground

Global stocks rallied after Nvidia's results, suggesting the market could be contemplating a sustained generative AI boom.

In Europe, the Stoxx 600 (^STOXX) increased by 0.7% in early morning trading. The UK's FTSE 100 (^FTSE) also rose by 0.47%. France's CAC 40 (^FCHI) gained 0.94%, while Spain's IBEX 35 (^IBEX) climbed 0.8%, and Germany's DAX (^GDAXI) saw a 0.85% increase.

Read more: LIVE: FTSE and European markets follow Asia higher as Nvidia earnings bolster sentiment

The gains in traditional markets were mirrored by moves higher in the cryptocurrency sector.

Bitcoin (BTC-USD) increased 3% to surpass $26,600, marking its weekly high, before falling back to $26,433, according to CoinGecko.

Ether (ETH-USD) increased by 3.5%, nearing the $1,700 mark.

Solana (SOL-USD) increased over 4% after Shopify (SHOP) integrated Solana Pay for USDC payments.

NEAR (NEAR-USD) token gained after Nexo added the Near Protocol to its platform, and altcoin ADA (ADA-USD) posted over 3% in daily gains.

Watch: Could China shut-down the Bitcoin network? | The Crypto Mile

Download the Yahoo Finance app, available for Apple and Android.