Why Nvidia conference could trigger rally in AI coins – FXStreet

2 minutes, 38 seconds Read
  • Nvidia’s recent earnings releases have kick-started the AI narrative in the crypto market, recording huge gains for AI tokens.
  • OpenAI’s SORA announcement pushed WLD even higher.
  • WLD may record more gains if OpenAI announces ChatGPT 4.5, ChatGPT 5, or Sora 1.5 around Nvidia’s GTC 2024.

Nvidia will hold its first in-person GPU Technology Conference (GTC) since 2019 from March 18 to 21. The semiconductor firm’s earnings have been a crucial factor propelling the price of AI-related tokens, and the possibility of any announcements during the upcoming event has the potential to lead to another bull run.

Nvidia earnings kick-start AI narrative

AI tokens were some of the major beneficiaries of Nvidia’s Q4 impressive earnings report released in February. The GPU giant reported a 769% increase in net income, sending revenue to more than $22 billion and beating analysts’ expectations. This comes from the increasing global demand for AI technologies, which has boosted sales for its chips by wide margins.

While the AI tokens couldn’t directly benefit from these earnings, Nvidia’s report boosted investors’ confidence in their viability. Their 30-day price change shows huge gains of around 200%.

AI Cryptos Category

AI Cryptos Category

With Nvidia’s GTC 2024 around the corner – March 18 through March 21 – investors are hoping for a similar impact. Considering this is the largest AI conference of the year, many traders expect it to be a catalyst for AI tokens.

The conference will begin with a keynote speech from Nvidia’s CEO Jensen Huang, who will discuss the company’s latest innovations and future plans. Expectations are that AI tokens with strong fundamentals may benefit largely from the announcements and workshops at the conference.

In anticipation of the conference, protocols like NEAR Protocol (NEAR), The Graph (GRT), and Worldcoin (WLD), among other AI tokens, have already posted large returns of 36.1%, 33.8%, and 29.2% on a week-on-week basis respectively before experiencing a slight correction.

Also read: Week Ahead: Crypto markets set to tip in favor of gaming and AI tokens

OpenAI’s SORA announcement pushed WLD even higher

The importance of such events driving investor interest can be seen in the surge of Worldcoin (WLD) after Open AI unveiled Sora’s text-to-video AI tool in February. The blockchain-based digital identity project spearheaded by Open AI CEO Sam Altman has risen by about 250% since Sora’s debut.

WLD, trading around $3 on February 15, skyrocketed in price a few days after the announcement. It has since broken into the top 90 cryptocurrencies, accumulating a market capitalization of over $1.4 billion as of the time of writing.

WLD/USDT 4-hour chart

What’s next for WLD? ChatGPT 5 or Sora 1.5?

Worldcoin is looking set for more growth after struggling in certain regions due to privacy concerns.  With Sam Altman back on the OpenAI’s board, the firm’s products could see faster developments and quicker launches.

One potential event that may boost WLD’s price is if Open AI accelerates GPT 4.5, GPT 5 or Sora 1.5 development to launch simultaneously with Nvidia’s GTC 2024. A potential launch of any of these products may see WLD’s price even raking in more gains than it had seen before and potentially break into the top 50 cryptocurrencies.

Investors should conduct their own research before taking positions in any of these AI tokens, as crypto exchange Coinbase has cautioned that some of their increase may be fueled by mere speculation.

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