Artificial intelligence-based cryptocurrencies were trading lower early Thursday, coinciding with AI powerhouse Nvidia Corp.'s (NASDAQ:NVDA) post-earnings decline.
The Gainers And Losers
TAO, the native token of the decentralized AI platform Bittensor, slipped 0.9% in the last 24 hours. Bittensor is an open-source system that uses blockchain technology to build a decentralized machine learning network.
Similarly, NEAR, underpinning the Near Protocol, was down 0.8%. Near Protocol is a Layer-1 blockchain that supports the development of AI-native applications.
These are two of the largest cryptocurrencies in the AI sphere, with a market capitalization of over $3 trillion.
Internet Computer's ICP token likewise dropped 0.7% over the last 24 hours. Meanwhile, RENDER, the native token of the decentralized GPU compute platform Render, defied the trend, gaining 0.5%.
These coins have no direct link to Nvidia, although their movements have occasionally mirrored those of the AI stock.
| Cryptocurrency | 24-hour Gains +/- | Price (Recorded at 2:15 a.m. ET) |
| Bittensor (CRYPTO: TAO) | -0.9% | $333.99 |
| Near Protocol (CRYPTO: NEAR) | -0.8% | $2.51 |
| Internet Computer (CRYPTO: ICP) | -0.7% | $5.04 |
| Render (CRYPTO: RENDER) | +0.5% | $3.63 |
See Also: Bitcoin Sets New All-Time High At $124,000 As Record-Breaking Surge Continues
Nvidia’s Double Beat Fails To Cheer Investors
These moves coincided with a 3% dip in Nvidia's shares in after-hours trading on Wednesday.
The AI juggernaut reported stronger-than-expected second-quarter results after market close and issued a strong guidance for the third quarter.
Despite the double beat, the shares fell after-hours, potentially due to uncertainty around Chinese exports. The guidance does not include any H20 shipments to China.
Price Action: Nvidia shares slipped 3.10% in after-hours trading after closing 0.09% lower at $181.60 during Wednesday’s regular trading session. The stock has soared 35% year-to-date.
As of this writing, NVDA is rated highly for Momentum and Growth. Visit Benzinga Edge Stock Rankings to compare it with the biggest tech stocks on Wall Street.
Photo Courtesy: Maxx-Studio on Shutterstock.com
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