Tech and Crypto stocks rose in after-hours trading on Wednesday after chip maker Nvidia’s third-quarter earnings beat expectations on the top and bottom lines, stoking fears of an AI bubble.
Nvidia reported Record revenue of $57 billion for the third quarter ended Oct. 26, up 62% from a year ago and beating Wall Street Projects of $ 54.7 billion.
The company reported a revenue of $31.9 billion, an increase of 65% from last year and exceeding analyst expectations. It also delivered a higher-than-expected guidance of $65 billion in revenue for its fourth quarter, suggesting appetite for Artificial intelligence is not slowing down yet.
Concerns of an AI bubble have been spotted Tech Shares The slide in recent weeks, which has seen crypto also fall as investors sell risky assets, and the broader market awaits Nvidia’s earnings as a health check in the AI-Heavy Tech sector.
Crypto, tech stocks rise on nvidia earnings
Shares in NVIDIA (NVDA) jumped more than 5% in after-hours trading on Q3 earnings at $196 after closing trading on Wednesday up 2.85% to $186.52.
The chip maker’s earnings beat helped lift shares in crypto companies after hours, with Coinbase (Coin), Strategy (MSTR) and Circle Internet Group (CRCL) all seeing slight bumps after the trading session ended.
Crypto exchange Bullish (BLSH) was also lifted by 1% in post-trading after finishing the day down 3.7% despite beating Wall Street’s predictions and Reporting its strongest quarter yet from going public in August.
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Big tech stocks are too, with Apple (AAPL), Microsoft (MSFT), Alphabet (GOOG), Amazon (AMZN) and Meta (Meta) all seeing gains after the bell.
Bitcoin’s lift from below $89,000
Nvidia’s revenue has, too Help Buoy Bitcoin (BTC), which is down more than 10% in the past week amid a broader market rout.
Bitcoin fell to a 24-hour low of $88,540 in late trading on Wednesday, Dipping below $89,000 For the first time since late April.
It has since seen a recovery around $91,500, which coincided with Nvidia’s earnings announcement and is down 0.6% on the previous day, per Coingecko.
Ether (Eth) also saw a recovery after dipping to around $2,873 on Wednesday, its first time below $2,900 since mid-July. It climbed above $3,000 and fell 1.9% on the day.
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