Saturday, 3 June 2023

Crypto News

Nvidia fuels $300B AI stocks rally, boosts AltSignals (ASI)

Nvidia fuels $300B AI stocks rally, boosts AltSignals (ASI)

  • Nvidia’s strong performance and forecast could boost further investment in AI projects.
  • AltSignals presale is set to hit a key milestone as investors look to scoop ASI tokens early.
  • The AltSignals artificial intelligence (AI) layer ActualizeAI will go live later in the quarter.

AltSignals is on the verge of a new milestone as the platform has raised over $814,000 of the targeted $1,080,000 in the current stage of its presale.

The presale has been on for just a few weeks. However, interest in the soon-to-be launched Artificial Intelligence-powered trading algorithm is rising and the token sale looks to have received a major boost via this week’s strong bet on the future of AI by Nvidia, the leading maker of AI chips.

With 75% of the AltiSignals presale done, the rally in AI-related stocks and cryptocurrencies could trigger even greater demand for the ASI token as investors look to position themselves for what could be a global rally in the artificial intelligence space.

Nvidia’s AI bet and what it means for AI tokens

The stock price of Nvidia soared on Wednesday to reach its highest ever level and put the company on the cusp of $1 trillion market cap. It happened after Nvidia released a forecast for its earnings in the three months to the end of July and provided a huge guidance on revenue based on the performance of its artificial intelligence business.

NVDA surged nearly 30% to trade at $391.50 as its market cap increased by almost $200 billion to hit $960 billion. The rally cascaded into related stocks, with the upbeat market triggering nearly $300 billion in market cap gains.

Market analysts say Nvidia’s “blow-out guidance” underscores the bullish outlook that continues to unfold around the market. Investors buoyed by the chipmaker’s forecast might want to diversify into other projects with great potential. In stocks, it could be the likes of Palantir, AMD, TSMC to name a few.

Can crypto tokens championing the AI revolution see similar gains?

As previously highlighted, the industry is making huge strides in the integration of AI and blockchain and a few projects are already seeing success.

While AI-related tokens didn’t witness such exuberance, projects such as Render Token (RNDR) and SingularityNET (AGIX) held onto recent gains to suggest the strong bet on the sector’s future could aid new demand. According to data

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