Nvidia stock has risen to significant heights with a major upside rally. After a somewhat weak period, one of the largest graphics processor manufacturers appears to be back on track. The question now is whether AI encryption will reap the benefits as well.
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Nvidia shares rise by 15%
On April 19, Nvidia shares closed the day at a closing price of $762. From that day on, a significant recovery began, with an increase of no less than 15%. The stock closed yesterday at a closing price of $877 after rising by 6.18%.
During this rally, a large amount of money was invested in the stock. Between April 19 and April 26, the market value of stocks increased by about $320 billion. Such large amounts in such short periods are considered exceptional. The question is what else Nvidia has in store.
Positive momentum in AI coding
End of February subscriber Nvidia's results for the fourth quarter of last year. The company has performed exceptionally well. It had profits of $22.1 billion and revenue of $12.3 billion. These were an increase of 265% and 769% respectively. This positive report also had an increasing impact on the value of AI-powered cryptocurrencies.
Many investors may be waiting for Q4's results before investing again. Naturally, many cryptocurrency traders hope that the results will be positive and also provide a bullish impact for AI-powered cryptocurrencies.
The bottom has been reached due to the decrease in AI encryption
In February, shortly after the strong results were announced, AI-related cryptocurrencies rose 9%. Although the prices of many coins are declining, many traders are hoping for a positive boost.
If Q1 results are also good for Nvidia, this could easily lead to a rally in AI-related cryptocurrencies. Also cryptocurrency trader “CryptoGodJohn” Involved The bottom has been reached for these cryptocurrencies and it will be exciting weeks before Nvidia's first quarter results are announced.
There are a lot of AI coins that appear to be at the bottom here
It should be an exciting few weeks before Nvidia's earnings announcement on May 22
-Johnny (@CryptoGodJohn) April 26, 2024
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