May 7, 2024

AI-related tokens have led the crypto market recovery in recent days, while shares of Nasdaq-listed chipmaker Nvidia (NVDA) also rallied.

Video transcript

It's Tuesday May 7th 2024. And this is Markets Daily A show where we get into the minds of some of the smartest and most experienced investors, traders, analysts, researchers, CEO S and anyone with a smart or hot take, I'm Jen Sani and today's show is gonna be a little different. We don't have a guest here. We're getting into my head. I have a hot take on A I tokens and you're going to hear it in just a few seconds. First, let's take a look at what's going on in the crypto markets this morning. They're looking very similar to how they looked. Yesterday morning, Bitcoin and Ether are roughly in the same place where we left them. Bitcoin was at around $63,500 at 8 a.m. Eastern time and Ether was at around $3100. Now, the Bitcoin rebound is turning some of those bearish analysts bullish again. There are reports on Coin this morning that you can go and read that says that the rebound is spurring demand for out of the money call strikes and those are strikes that are well above the going rate. Those are going for between 70,000 and $100,000. So could Bitcoin hit $100,000 by the end of the year, we will just have to wait and see A I tokens are leading market recovery this morning as render singularity net and fetch A I outshine Bitcoin by a very wide margin. And those are the tokens we're going to talk about on today's show. Now, these tokens are rallying in conjunction with the NASDAQ listed chip maker Invidia, which hit a one month high as excitement builds around chip makers impending earnings report. That's coming later. This month, NVIDIA has really become the poster child for all things A I and we got to face it when we hear Invidia news, we often see A I tokens rally. But do retail investors know what these tokens do? Do they care about what they do or are they just riding the A I wave to make a quick buck? I'm not sure what the answer is there, but I want to give you all of the information, information that you need or at least some of the information to kick off your research so that you can make an informed decision if you are investing in A I tokens. Hitesh Malia is the founder of Dyor. He told Coindesk that A I coins are going to continue to have cyclical runs and that they are directly correlated with the whole A I side development happening around us. Now, I want to be clear as we get into the show that there is no crypto token that has a direct correlation with NVIDIA. Now, if you're going to invest in A I tokens, I hope that you listen to this information, you go out there, you do your own research and you make, you make good decisions. Let's talk about render first R and dr this is the utility token of the render network which is a decentralized GP U based rendering solution. This token has surged almost 48% in seven days. I will say that again, almost 48% in seven days. It's the biggest gain among the top 100 cryptocurrencies by market value according to coin gecko. Now what is the render network? You might be asking it's a peer to peer network that rents out idle GP U power to content creators and A I applications. The token is used to pay for rendering jobs on the platform. So this token is being used by folks who are renting out their power and for folks who are renting the power, the network hopes to make it easy for creators to obtain GP U power and render high definition graphics or train A I models and it allows them to pay a fee that's lower than the centralized GP U cloud. The render network received backing from multi coin capital, the Solana foundation and more. Let's hop on over to fetch A I now fetch A I hopes to decentralize and automate transactions on the web. It offers tools to build, deploy and monetize A I services and allows the transformation of legacy systems for A I readiness without altering existing API. So it's making it a little bit easier for firms who want to use this technology. According to Massari, the network is a series of software agents that can act on behalf of their owners. So the agents have the ability to conduct searches, negotiate and trade by A Isfet token has gained 22% over the past week. Outperforming the broader market like I said before, this project has been supported by outlier ventures. DWF and others. Now, lastly, singularity net is a network of A I services that are accessible through a decentralized marketplace. The network lets people create edit and manage A I related services like model training and inference to deploy A I agents. Developers can charge users for the use of these A I services using the A GIX token. That token is up 24.5% on the week. Now, let's take a look, look at the prices, you know that they have outperformed the broader crypto markets. A GIX is at 99 cents this morning fet is at $2.40 and render is at $10.70. If we broaden out our discussion now and come back to NVIDIA, they're set to report their first quarter earnings on May 22nd. After markets close, analysts are expecting A I tokens to continue to rally ahead of that report. And zacks investment research expected the company poor earnings per share of $5.49 a 403% year on year increase. Which makes me beg the question if you are making a bet on NVIDIA, why aren't you just buying shares? Why are you investing in these A I tokens? Albeit some of those projects sound pretty cool. So go out there invest responsibly. The last thing I'll leave you with is Nvidia's share price. It's at around $922 this morning. Happy investing.

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