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.
The gains in traditional markets were mirrored by moves higher in the cryptocurrency sector.
Ether (ETH-USD) increased by 3.5%, nearing the $1,700 mark.