Nvidia (NVDA) reported Q2 earnings on Wednesday, surpassing expectations with revenue of $46.7 billion, a 56% year-over-year increase. Despite the strong performance, shares fell 1.7% in after-hours trading, partly due to data center revenue of $41.1 billion slightly missing estimates of $41.29 billion.
Cryptocurrencies, including Bitcoin (BTC), Ether (ETH), and XRP (XRP), initially dipped on the news but quickly recovered, ending roughly flat. AI-linked tokens such as Internet Computer (ICP), NEAR Protocol (NEAR), and Bittensor (TAO) also showed little reaction, trading unchanged.
Historical data indicated a correlation between Nvidia earnings and positive Bitcoin performance, with BTC posting gains after 7 out of the last 10 Nvidia earnings reports since early 2023. Analysts had expected adjusted EPS of $1.01 on revenue of $46.2 billion. The options market priced in a 6.1% post-earnings implied move for Nvidia, the smallest since May 2023.
Nvidia's earnings call, scheduled for 5 p.m. ET, is anticipated to provide further insights into chip demand from hyperscalers like Microsoft, Meta, and Amazon, as well as updates on advanced chip development for China amid U.S. export restrictions.
