Nvidia Sales Forecast Exceeds Expectations, AI-Related Crypto Projects Rally

Nvidia has released its most recent sales forecast and it is set to exceed expectations. Analysts had predicted US$26.8 billion (AU$40.5 billion) in second-quarter revenue, but according to Bloomberg citing the chipmaker it will be about US$28 billion (AU$42.2 billion).

Chipmaker Nvidia has released its latest sales forecast, and it’s set to exceed expectations. Analysts had predicted US$26.8 billion (AU$40.5 billion) in second-quarter revenue, but according to Bloomberg citing the chipmaker it will be about US$28 billion (AU$42.2 billion).

The company is at the forefront of the artificial intelligence boom and has benefited immensely from AI computing demand. CEO Jensen Huang is optimistic about the future of Nvidia and AI, saying the “next industrial revolution has begun”.

In a statement he added his thoughts about the significant influence AI will have:

“AI is the next industrial revolution. It’s going to change the world in ways that we can’t even imagine today. And Nvidia is at the center of this revolution.”

AI Altcoins Rally, Including First AI-Memecoin

Not surprisingly, the good news of the chipmaker has sparked enthusiasm in the crypto industry and led to a rally among AI-related crypto projects. And, even the AI sector can’t avoid the memecoin craze it seems.

TURBO, apparently the first memecoin created by AI, has gained over 30% in the past 24 hours. The project started as a “bold experiment in cryptocurrency creation”.

The developer claims that the token is coded by ChatGPT-4, according to the project’s website and listed on over 30 exchanges including OKX and HTX. They added that it aims to “create the next great meme coin”.

But Turbo is not the only AI-related project to soar, more serious altcoins like Node AI, Spectre AI, NetMind Token and Bittensor all rallied on the Nvidia news.

AIOZ Network also made gains, but less than others, despite having announced some developments of its own. The AI project said it has partnered with Nvidia and will be the first DePIN project featured in the Nvidia Accelerated Applications project.

Chipmaker World Gets Competitive

In related news, AMD has just come out with statements challenging Nvidia’s stronghold on the chipmaker crown. During the Microsoft Build conference in Seattle earlier this week, AMD senior director Ian Ferreira encouraged builders to use AMD products:

“When you’re building for the cloud, or the edge, or for any performance workload, choose AMD for the best performance per dollar, period. Full stop. Don’t be afraid to ask your cloud provider for AMD instances. And if they don’t have them, ask them why not.”

The statement comes after AMD unveiled its latest chip lineup earlier this year, including the MI300X AI Accelerator chip. The MI300X is designed to compete with Nvidia’s H100 GPU chip, which was at the time considered the leading chip on the market for AI workloads.

Nvidia has since released the H200 GPU chip, which outperforms the H100, and is also set to release the B100 chip later this year, which is expected to be even more powerful.