FET jumps 11% ahead of Nvidia’s Q2 earnings

FET, the native token of the Artificial Super Intelligence Alliance, was the top gainer among the top 100 cryptocurrencies, up 11% as seen on the morning of August 26.

At press time, FET was still up 11.7% over the past 24 hours and was trading at $1.32, a high not seen since July 27. At its all-time high on August 26, it was trading at $1.39, 93% higher than its August 5 low of $0.72, when the global crypto market crashed and caused over $1 billion in liquidations.

FET 24-hour price chart – August 26 | Source: crypto.news

Despite recovering significantly since then, the crypto asset is still trading 62% lower than its all-time high of $3.45 reached on March 28, 2024.

The latest surge in FET comes as Fetch.ai, a pioneer in autonomous digital ecosystems and a core member of the Alliance for Artificial Superintelligence, recently announced its new Innovation Lab in San Francisco.

The company is committing $10 million annually to support startups building on its platform, with potential investments of up to $1 million for each project. Fetch.ai is also launching an internship incubator aimed at nurturing talent in decentralized technology, artificial intelligence, and machine learning.

Another important factor leading to the increase in FET prices is the growing expectation that Nvidia will announce its second-quarter results after the market closes on August 28.

Nvidia’s shares have gained more than 176 percent this year, pushing its market value above $3.1 trillion and making it the world’s third-largest company by market value.

Upcoming earnings are expected to shed light on the continued demand for AI. Nvidia saw revenues jump more than 240% in the first quarter to more than $26 billion. Analysts are predicting revenues will climb to $28.6 billion in the second quarter.

Strong revenue figures and positive future projections are good signs for the AI ​​sector, likely leading to higher prices for related assets. It has also led to an overall rise in AI cryptocurrencies, as crypto.news previously reported on June 20. However, if the results fall short of expectations, there could be a sharp pullback in the market.

Operating at the intersection of the blockchain and semiconductor industries, the Artificial Superintelligence Alliance has a business model that complements Nvidia’s. The alliance is a partnership between three AI startups—Fetch.ai, SingularityNET, and Ocean Protocol—that aim to accelerate the creation of decentralized Artificial General Intelligence and, ultimately, Artificial Superintelligence.

According to CoinGecko, as of August 26, the total market value of all AI tokens stood at $25.9 billion, while trading volume reached $1.3 billion.