24/7 Cryptocurrency News

NVIDIA Earnings Report Come In 122% Higher; AI Coins Rally Looming?

NVIDIA's strong Q2 earnings boost AI market, sparking potential rallies in AI-related cryptos like Render and FET amid rising demand.
NVIDIA Earnings Report Come In 122% Higher; AI Coins Rally Looming?

Highlights

  • NVIDIA's Q2 revenue hits $30B, up 122%, driving optimism in AI markets.
  • Despite DOJ concerns, NVIDIA forecasts $32.5B in Q3, beating expectations.
  • AI-related cryptos poised for rally post-NVIDIA's impressive Q2 earnings.

NVIDIA earnings report has come in impressive on financial results for the second quarter ending July 28, 2024, with revenues hitting $30 billion. This marks a 122% rise from the same period last year, underscoring the company’s leadership in the rapidly expanding AI chip market.

Advertisement

NVIDIA Earnings Report Come In 122% Higher

NVIDIA’s revenue for the quarter reached $30 billion, an increase of 122% compared to the previous year, alongside earnings per share of $0.68, which surged 168% year-over-year. These figures surpassed analysts’ projections, who expected $28.72 billion in revenue and earnings of $0.64 per share. The robust financial performance is driven by soaring demand for its AI products and services as more industries adopt AI technologies.

Concurrently, the company has forecasted third-quarter revenue of $32.5 billion, again beating market expectations. The anticipation surrounding the launch of the Blackwell chips later this year is also a key driver of NVIDIA earnings outlook. These results and optimistic guidance suggest a strong trajectory for the firm in the AI chip market and the broader tech sector, making it a critical indicator of AI-driven growth.

Achieving its projected targets for the third and fourth quarters will be crucial for sustaining its upward momentum and positive investor sentiment. Despite these strong numbers in the NVIDIA earnings report, shares of the chip giant were down about 2.10% trading at $125.61 and 6.81% down in after-hours trading at $116.88.

Advertisement

Competition Intensifies in the Chip Industry

NVIDIA’s position is being challenged as the AI chip market becomes increasingly competitive. Startups like Cerebras, d-Matrix, and Groq are gaining traction, securing large investments to enhance their product offerings and compete in the AI hardware space.

Furthermore, major tech companies such as Microsoft, Meta, Amazon, Alphabet, and OpenAI, which currently rely on the firm’s forthcoming Blackwell processors, are also developing their own AI chips.

Despite NVIDIA earnings positive report, there is an investigation by the U.S. Department of Justice into potential anti-competitive practices. The inquiry centers on whether the company has leveraged its market dominance unfairly, which could lead to significant legal and regulatory implications. This investigation is being closely watched by investors, as any adverse findings could impact its market position and future strategies.

Advertisement

Potential Rally in AI-Related Cryptos

NVIDIA’s earnings report has sparked speculation about its potential impact on AI-related cryptocurrencies. Moreover, with Bitcoin slipping below $60,000 and reversing gains made after hints of imminent rate cuts by the Federal Reserve, the crypto market, especially AI coins, awaited earnings.

The strong demand for AI chips and technologies as a result could fuel interest in AI-focused blockchain projects, potentially leading to a rally in AI coins. In an earlier CoinGape report, for instance, Render is projected to be waiting for a potential rally especially with the positive report.

In addition, Fetch AI despite having been under selling pressure is also on the verge of a rally as per a recent analysis. Concurrently, despite the recent crypto market crash, most AI coins have been on an explosive rally with FET witnessing a 23% surge, Render 18% and Akash Network 10%.

Advertisement

Share
Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana

Crypto experts have begun to make bullish projections for Pudgy Penguins’ native token, PENGU. This…

October 5, 2025
  • 24/7 Cryptocurrency News

ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks

ASTER has announced that the roadmap for its second airdrop phase is set to begin…

October 5, 2025
  • 24/7 Cryptocurrency News

El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset

El Salvador is now sitting on $482 million in unrealized gains in its Bitcoin holdings.…

October 5, 2025
  • Bitcoin News

Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force

The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…

October 5, 2025
  • Bitcoin News

99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction

Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…

October 5, 2025
  • 24/7 Cryptocurrency News

Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement

Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…

October 4, 2025