Nvidia's financial report exceeds expectations again, AI currencies celebrate together

The AI leader Nvidia released its financial report early this morning, once again exceeding Wall Street's expectations, causing its stock price to surge more than 8% after hours. AI coins also experienced a general bullish trend, with RNDR rising by 40% in the past 7 days, FET by 67%, and AGIX by over 118% in the past 7 days.

NVIDIA Surprises with Financial Report, Market Cap Now Ranks Third in the U.S.

Previously, concerns in the market over NVIDIA's high valuation and the inability of its financial report to grow as rapidly as investors had expected caused the stock price of NVIDIA to fall for two consecutive days.

Fortunately, NVIDIA did not disappoint investors. Its post-market financial report once again exceeded Wall Street's expectations for profit and sales. The revenue for the last quarter was $22.1 billion, higher than analysts' prediction of around $20.4 billion. Net profit was $12.29 billion, compared to $1.41 billion from the same period last year. The company also stated that this quarter's revenue will exceed expectations. NVIDIA's stock price surged over 8% after hours.

Benefiting from the rise of the AI wave, NVIDIA's market cap has continuously increased, surpassing e-commerce giants like Amazon and Google's parent company Alphabet to become the third-largest company in the U.S. stock market this month. Michael Hartnett, Chief Investment Strategist at Bank of America, pointed out in a recent research report that NVIDIA's market cap has increased by $600 billion in the past two months, now exceeding $1.7 trillion, which is equivalent to the total market value of all mainland Chinese companies listed on the Hong Kong Stock Exchange. The increase is astonishing.

AI Coins Celebrate Together

AI coins are also experiencing a general uptrend. The market cap of AI coins on CoinGecko increased by 3.3% in a day, reaching $16.9 billion. Among them, RNDR rose by 40% in 7 days, FET rose by 67%, and AGIX surged by more than 118% in 7 days.

Fed Not in a Hurry to Cut Interest Rates

Yesterday, the Federal Reserve released the minutes of its latest meeting, with officials indicating that they would like to see more data before easing policies and will not cut interest rates until they are "more confident" that inflation is receding.

According to the CME Group's FedWatch tool, the market's expectation for a Fed rate cut has moved to June, with over a 60% probability of a rate cut starting in May, compared to mid-February.