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AMBCrypto
How Tron’s revenue hit an all-time high despite USDC exit
2 days ago
SantimentFan
SantimentFan
followers

🧑‍💻📈 #Nvidia's record quarterly revenue of $22.1B that was reported in their earnings report yesterday continues to bolster the tech stock, which is up another +15% today. After #Sora's release at the start of the week, this has given a second wave to #crypto projects in the #AI and #BigData sectors. Also making several appearances on our trending list is the proposal related to the conversion of #FPIS to #veFXS, and the impact this has on #FraxShares ( $FXS ) holders. Explore more on @santimentfeed's constantly updated top hourly trends page here: https://app.santiment.net/social-trends?utm_source=twitter&utm_medium=post&utm_campaign=twitter_hourly_trends_update_b_022224/&fpr=twitter

3 days ago
AZCoinNews
AZCoinNews
followers

Tron, a decentralized blockchain-based operating system with smart contract functionality, has seen a surge in its fee revenue and network activity in the past month. According to data from Tronscan, Tron fee revenue reached an all-time high of $1.758 million on February 20, surpassing its previous peak of $1.61 million on February 8. The fees charged by Tron are then burned, reducing the total supply of its native cryptocurrency, Tronix (TRX). The revenue profile is calculated based on the product of the daily amount of TRX burned and the daily closing price of TRX on CoinMarketCap. Tron’s Protocol Revenue | Source: Tronscan On February 20, the Tron network burned a total of 12,622,236 TRX, equivalent to about 0.08% of its total circulating supply of 15.8 billion TRX. This was the highest amount of TRX burned in a single day since the network switched its protocol from an ERC-20 token on top of Ethereum to an independent peer-to-peer network in June 2018. The average daily amount of TRX burned in February was 8,865,815 TRX, more than double the average of 4,113,571 TRX in January. The increase in fee revenue and TRX burning is partly attributed to the passage of Proposal 83, a method established on the Tron network to execute a dynamic regulation of energy allocation for smart contracts. The proposal, which was approved by the Tron community on February 5, aims to raise the cost of low-value and suspected fraudulent transactions, which previously took up around 85% of the CPU execution time on the Tron network, without harming other decentralized applications (dApps). The proposal also intends to encourage more users to stake their TRX and obtain bandwidth and energy, which are essential resources for running smart contracts on the network. Another factor that contributed to the growth of Tron fee revenue and network activity was the launch of BitTorrent Token (BTT), a TRC-10 utility token based on the Tron network that powers the features of the popular decentralized protocols and applications in the BitTorrent ecosystem. BitTorrent, a peer-to-peer file sharing service, was acquired by the Tron Foundation in July 2018. BitTorrent started its own token sale based on the Tron network in February 2019, raising $7.2 million in less than 15 minutes. BTT is designed to enable users to offer their computing resources in exchange for the token, as well as to access faster downloads, file storage, and content delivery. According to data from DappRadar, Tron is currently the second most popular blockchain platform for dApps, behind Ethereum, with over 1,000 active dApps and over 100,000 daily active users. Some of the most popular dApps on Tron include JustSwap, a decentralized exchange protocol; JustLend, a decentralized lending platform; and WINK, a gaming and social platform. Tron also supports a variety of tokens, including stablecoins such as USDJ and USDT, and wrapped tokens such as WBTC and WETH. Source: https://azcoinnews.com/tron-fee-revenue-hits-record-high-as-network-burns-over-12-million-trx.html

4 days ago
奔跑财经-FinaceRun
奔跑财经-FinaceRun
followers

Nvidia reported full-year net revenue of $60.9 billion, a 126% increase from 2022. Nvidia reported increased demand for generative artificial intelligence (AI) and accelerated computing in its latest earnings report on February 21. "Accelerating computing and generating artificial intelligence has reached a tipping point, with demand surging across companies, industries and countries around the world," said Nvidia founder and CEO Jensen Huang. Huang added that Nvidia RTX has become "the massive PC platform for generating AI" used by 100 million gamers and creators. He further described Nvidia's data center platform and its growth across various sectors, noting that usage in vertical industries now reaches multi-billion dollar levels. Nvidia hits another record profit Nvidia's fourth-quarter revenue hit a record high of $22.1 billion, a 265% increase from the previous year. Meanwhile, full-year revenue was $60.9 billion, up 126% from 2022. The company's fourth-quarter net profit was $12.28 billion, a year-on-year increase of 769%, and full-year net profit was $29.76 billion, a year-on-year increase of 581%. Diluted earnings per share for the year were $11.93, compared with $1.74 in the prior year. Nvidia forecasts its revenue will hover around $24 billion, with a possible change of plus or minus 2%. Should

4 days ago
Ui-Chain 超媒
Ui-Chain 超媒
followers

The S&P 500 Index rose 1.65% to 5064.12 points after opening on Thursday (February 22), setting a record high; the market was encouraged by the excellent performance of chip giant Nvidia. Nvidia shares soared more than 15% to a record high of $778.98. Currently, the Nasdaq is up more than 2.3%, the Dow Jones is up 0.70%, and the S&P 500 is up 1.6%. Due to strong sales of artificial intelligence chips, Nvidia's fourth-quarter revenue surged 265% year-on-year to US$22.1 billion, and net profit surged 769% year-on-year to US$12.29 billion. #strk #BTC $BTC

3 days ago
TopCryptoNews
TopCryptoNews
followers

The next bitcoin halving is just around the corner. This event will halve the rewards miners receive for each new block added to the network’s blockchain. But what exactly does all of this mean? Blockworks breaks down the technical details around what happens during the halving. The basics of bitcoin The bitcoin network operates on a decentralized ledger known as a blockchain, which is run by a network of computer nodes. These nodes are designed in a way that records and verifies the validity of each transaction on the network. More computer nodes often means that the stability and security of the network are higher. According to Bitnode, there are currently 18,454 nodes running on bitcoin today. Running a node requires the operator to have enough computer storage to download a full record of the network’s blockchain. This record includes every transaction processed since Bitcoin’s creation in January 2009. As the blockchain grows, so does the need for storage. At the time of publication, the bitcoin blockchain size was over 551 gigabytes. Transactions on the Bitcoin network are grouped into “blocks.” Miners, who use powerful computers to solve cryptographic challenges, compete to find a specific 64-digit hexadecimal number, or “hash.” Successfully discovering this hash allows a miner to add a new block to the blockchain, for which they are rewarded with newly minted bitcoins. This process not only secures the network by verifying transactions but also introduces new bitcoins into circulation, adhering to a predefined issuance rate. What does this have to do with bitcoin halving? There have been three previous halving events. The first occurred on Nov. 28, 2012, when bitcoin rewards went from 50 bitcoins to 25 bitcoins. The second happened in July 2016, when rewards went from 25 bitcoins to 12.5 bitcoins. The most recent bitcoin halving event occurred in May 2020, when 12.5 bitcoin rewards were reduced to 6.25. These events are significant because bitcoin has a hard limited supply of 21 million distributable coins, and there is already an estimated circulating supply of over 19 million. A new halving occurs each time the network mines 210,000 blocks. By design, these events are meant to occur roughly every four years. In practice, however, this has not always been the case. Bitcoin’s protocol aims for a new block to be mined every 10 minutes. The network adjusts the mining difficulty every 2,016 blocks in an attempt to maintain this pace. Increases in miner computing power can lead to faster block discovery, while decreases can slow it down. Over the years, these shifts in capacity have led to deviations from the anticipated four-year interval between each halving. This upcoming halving, however, appears to be aligning closely with its scheduled timeline. According to a Flipside Crypto report, the next bitcoin halving event will most likely occur on April 20, 2024. What does this mean for bitcoin miners? Some argue that the fewer the rewards, the fewer incentives there may be for bitcoin miners to continue their operations. “The current hash rate, the current mining difficulty, a miner’s electricity cost and the current bitcoin price — play a tremendous role in determining if bitcoin miners are profitable and can keep operating older ASICs,” Matthew Niemerg, co-founder of layer-1 network Aleph Zero told Bockworks. Sanjay Gupta, the strategy lead at Auradin, a blockchain web infrastructure solutions company, shares this sentiment. “With bitcoin halving, the need for energy-efficient bitcoin, demand response with the grid becomes even more critical. Older, lower efficient miners without rapid energy response will become obsolete,” Gupta said. Even so, Sukhveer Sanghera, Earth Wallet’s founder and CEO, highlights DeFi solutions on bitcoin’s layer-2 networks as a beacon for new revenue streams and incentives for miners, including MEV. “Bitcoin’s hardcoded monetary policy ensures continued trust and stability, while layer-2 innovations like social network layer-2 can provide the incentives to complement base layer immutability,” Sanghera said. The potential for an increase in bitcoin’s value post-halving could also offset these reduced rewards, maintaining mining’s appeal despite the challenges. $BTC #BTC #Halving #Write2Earn #TrendingTopic

3 days ago
Crypto Ahmet
Crypto Ahmet
followers

🔥🔥🔥Social media giant announced Bitcoin and altcoin investments: “We will buy more” Reddit has also been added to companies that evaluate cryptocurrencies as an investment tool on their balance sheet. The company, which has applied for an initial public offering on the New York Stock Exchange, provided information that it has invested in #BTC #ETH and MATIC in the documents submitted to the SEC by the US Central Bank. These investments were made with an excess of the company's cash and will continue to be made in the future, it was stated. However, the investment amounts were not shared. Thus, Reddit became one of the companies that included Bitcoin on its balance sheet, such as MicroStrategy, Tesla and Block Dec. After Reddit's investment announcement, Bitcoin rose to $ 52 thousand and Ether to over $ 3 thousand. The statement showed the biggest impact on MATIC. MATIC rose more than 10 percent to $ 1.06. Filed for the first major IPO of the year Reddit, which has submitted its IPO prospectus, will be traded on the New York Stock Exchange with the code RDDT. The expected initial public offering of the company is expected to be held in March. Reddit's IPO will be the first major IPO of the year in the technology space. Filed for the first major IPO of the year Reddit, which has submitted its IPO prospectus, will be traded on the New York Stock Exchange with the code RDDT. The expected initial public offering of the company is expected to be held in March. Reddit's IPO will be the first major IPO of the year in the technology space. According to the information shared, Reddit generated $ 804 million in revenue in 2023, and its revenues increased by 20 percent compared to the previous year. Reddit, which reported that it has been in net loss since its inception, announced a net loss of $ 90.8 million for the year 2023, which ended on December 31. This figure was $ 158.6 million in the previous year. #Polygon #MATİC #binance

3 days ago
小烏鴉Max
小烏鴉Max
followers

[TRON destroyed more than 12.62 million TRX, and fee income hit a record high] The Justin Sun-led altcoin continued to move higher this week, reaching a new 2024 high of $0.14048 on February 21. Behind this rise, there are two major catalysts: first, the burning of 12.62 million tokens; second, the plan to integrate ecosystem tokens with the Bitcoin (BTC) network. The surge pushed TRX to a new multi-year high on Wednesday, coming on the heels of the network’s record fee revenue of $1.757 million the day before. In particular, on February 20, the blockchain burned 12,622,236 tokens. Justin Sun’s recently announced roadmap has also added fuel to TRX’s upward trend, especially his plan to integrate Tron assets with the Bitcoin network and enter Bitcoin Layer 2. Currently, TRX is trading at $0.1397 with a daily increase of 0.38% and a weekly increase of 6.47%, showing a bullish trend targeting the May 2021 high of $0.17. Although the moving average shows a positive trend, TRX may experience a minor pullback before rising further, with possible support levels at $0.13124 (23.6% FIB pullback), $0.12552 (38.2% FIB pullback), and $0.12090 (50% FIB pullback). callback). Positive ecosystem development and overall bullish market sentiment will provide support for TRON’s further recovery. #鴉快訊 #内容挖矿 $TRX @TRONDAO

3 days ago
SignalPlus華語
SignalPlus華語
followers

Yesterday, all the focus was on Nvidia. The AI ​​chip giant once again delivered results that exceeded expectations in both revenue and net profit. Revenue reached $22.1 billion, beating expectations of $20.4 billion (last year was "only" $6 billion), with data centers accounting for 83% of the performance. Gaming revenue increased 58% year over year to $2.9 billion, while gross margins Maintained at 76.7%, higher than last year's 66.1%; net profit reached $14.8 billion, exceeding expectations of $13.1 billion, while free cash flow also reached $11.2 billion, higher than expectations of $10.8 billion. On top of that, the company raised its first-quarter revenue forecast to $24 billion (vs. $21.9 billion expected), with margins also expected to remain around 77%. In addition, CEO Jen-Hsun Huang confidently stated that “accelerated computing and generative AI have reached a critical point, and demand from companies, industries and countries around the world is surging.” “Demand from vertical industries led by automobiles, financial services, and healthcare is currently also reaches the level of billions of dollars.” In other words, let’s welcome our new AI overlords. The company's shares were up about 9% in after-hours trading, slightly below the options daily breakeven point, but the positive result could support continued gains in risk assets in the near term. The market was relatively calm before the release of the earnings report, and the minutes of the January FOMC meeting released by the Federal Reserve were relatively "passed."

4 days ago
ilkerryildiz
ilkerryildiz
followers

Nvidia's Q4 2023 earnings were announced, with the company reporting earnings above expectations, continuing to be a source of growth for the financial markets. Especially, projects focused on artificial intelligence and GPU-based cryptocurrencies are rapidly continuing their ascent. Some of these projects include: Render Network #RNDR Fetch.Ai #FET SingularityNet #AGIX Ocean #OCEAN The Graph GRT Nvidia's Financial Results Started The AI Bull NVIDIA's financial results for the fourth quarter and fiscal year 2024 can be summarized as follows: Record quarterly revenue of $22.1 billion, up 22% from the previous quarter and up 265% from a year ago.Record quarterly Data Center revenue of $18.4 billion, up 27% from Q3, up 409% from a year ago.Record full-year revenue of $60.9 billion, up 126%.For the quarter, GAAP earnings per diluted share were $4.93, up 33% from the previous quarter and up 765% from a year ago. Non-GAAP earnings per diluted share were $5.16, up 28% from the previous quarter and up 486% from a year ago.For fiscal 2024, GAAP earnings per diluted share were up 586% to $11.93. Non-GAAP earnings per diluted share were up 288% to $12.96.NVIDIA's CEO, Jensen Huang, stated that accelerated computing and generative AI have reached a tipping point, with surging demand worldwide across companies, industries, and nations.Nvidia will pay its next quarterly cash dividend of $0.04 per share on March 27, 2024, to all shareholders of record on March 6, 2024.The summary for Q4 Fiscal 2024 and the full year includes detailed financial data.NVIDIA's outlook for the first quarter of fiscal 2025 is for revenue to be approximately $24.0 billion.The company reported significant progress in Data Center, Gaming, Professional Visualization, and Automotive sectors. #Write2Earn $RNDR $FET $AGIX

4 days ago
Cryptopolitan
Cryptopolitan
followers

The artificial intelligence (AI) market experienced a significant surge in crypto tokens and traditional stocks, buoyed by Nvidia’s impressive earnings report and a broader market correction. This surge, evident over the past month, saw several AI-based tokens and stocks record substantial gains despite market volatility. AI tokens rally AI-based crypto tokens witnessed notable gains on February 21st, with popular tokens such as Render (RNDR), The Graph (GRT), Fetch.ai (FET), and SingularityNet (AGIX) posting double-digit increases.  Notably, Render surged over 17% in 24 hours, while The Graph saw an 18% increase. This positive momentum follows a period where the market cap of AI tokens more than doubled within a month, reaching $17.8 billion. Nvidia’s influence The surge in AI tokens can be attributed to Nvidia’s exceptional fourth-quarter earnings report, surpassing market expectations. With revenues totaling $22.1 billion, Nvidia exceeded Wall Street’s projected $20.4 billion, driven significantly by a fivefold increase in AI data center revenue in January compared to the previous year.  Nvidia CEO Jensen Huang credited this success to the heightened global demand for generative AI, solidifying Nvidia’s position with a market capitalization of $1.67 trillion, surpassing Tesla as the world’s most traded stock. The positive performance of Nvidia’s AI businesses reverberated across the AI crypto market, leading to new highs for several AI-focused stocks. Taiwan Semiconductor Manufacturing Company (TSMC), a key supplier for Nvidia, experienced a 2.05% surge in morning trading on February 21st.  Similarly, Super Micro Computer, a server component supplier, witnessed an 11.42% increase in after-hours trading on February 20th. Dutch chip equipment manufacturer ASML also rose by 2.7% in after-hours trading. OpenAI’s contribution The bullish sentiment towards AI tokens was further bolstered by OpenAI’s recent announcement of its text-to-video tool, Sora, on February 15th. This development catalyzed the highest weekly trade volume for AI tokens in a year, underscoring the growing interest and confidence in AI-related technologies.

3 days ago
Coinpedia
Coinpedia
followers

The post AI Narrative May Become Stronger in the Coming Days: Here is the Popular AI Token on the Foothill of Major Explosion appeared first on Coinpedia Fintech News After marking new highs for the year, the Bitcoin price faces a minor pullback and remains stuck within the regions. In the meantime, the AI-based tokens appear to have set up a strong base, with most of the tokens recording double-digit gains. Tokens like Singularity and Worldcoin have surged above 100%, while The Graph and Render have accumulated gains of over 50% in the past week.  This trade setup suggests that AI-based tokens are establishing a strong bullish narrative, and the following are the reasons why they could last for a long time: Potential AI integration on Ethereum through the implementation of Verkle trees, which focus on data storage and node size, With every upgrade released by ChatGPT’s Open AI, the AI-based tokens have experienced a huge impact  NVIDIA has released its revenue report, which has initiated a fresh bullishness within the AI-tokens and also soared their company shares DePin or decentralised physical networks and AI integration may also have a larger influence over the AI-token rally. Now that the tokens have already recorded huge gains, is it too late for the party?  The AI tokens like Render (RNDR) have surged by over 18%, Fetch.ai (FET) by 13% and Singularity (AGIX) by over 30% after the NVIDIA earnings. Before, the tokens had a decent ride after Open AI launched Sora. However, some tokens, like The Graph, are at the foothills of massive explosions.  The recent upswing has caused the price to soar beyond the crucial descending trend line after hovering around the level of $0.17 for a while. The price is an inch away from rising above the interim highs beyond $0.31. Once these levels are surpassed and sustained, the GRT price may trigger a fresh bullish trend towards higher targets, probably above $1. 

3 days ago
CoinDesk
CoinDesk
followers

This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day. Latest Prices Top Stories Artificial intelligence (AI)-related tokens surged after chipmaker Nvidia (NVDA) beat its already lofty fourth-quarter earnings expectations. Nvidia on Wednesday reported earnings per share of $5.16, topping the average analyst estimate of $4.59, according to FactSet data. The chipmaker also posted revenue of $22.1 billion, higher than Wall Street's expectation of $20.4 billion. AI tokens surged: SingularityNet (AGIX) gained 37% on Thursday, FetchAI (FET) added more than 15% and Render (RNDR) rose 20%. The Graph, a protocol for indexing and querying data stored on blockchains, which said it plans to add AI-assisted querying with large language models, saw its token rally 21% after the report. Worldcoin’s WLD jumped 33%. The overall market cap of AI tokens has surpassed $17 billion, according to CoinGecko data. Ethereum’s native token, ether (ETH), may have found a path to a record high of $5,200 after breaking out an “ascending triangle” price pattern, according to technical analysis by Kraken OTC. ETH, the second-largest cryptocurrency by market value, topped the $3,000 mark early this week, establishing a foothold above the horizontal trendline connecting August 2022 and April 2023 highs. The trendline, along with the upward-sloping bottom line connecting June 2022 and November 2022 lows, comprised an ascending triangle formation on the weekly price chart. In other words, bulls have pushed through a long-standing resistance, regaining market control after a series of higher lows showing a gradual decline in bears’ strength. Bitcoin (BTC) may have stalled over the past week, but FundStrat head of research Tom Lee doubled down on his bullish outlook and said the largest cryptocurrency could reach as high as $150,000 this year. "You have demand improving with the new ETFs, you have supply shrinking with the halving, and if monetary policy eases, which we expect, that's supportive for risk assets," Lee told CNBC on Wednesday. Lee's comments came as bitcoin's rally appeared to lose some steam following a 35% gain over the past couple of weeks to $53,000, its highest price in 26 months. BTC was recently changing hands at $50,900, down 1.8% over the past 24 hours, holding up slightly better than the broader-market CoinDesk20 Index's (CD20) 3% decline during the same period. Chart of the Day The chart shows the total FIL deposited in the storage network Filecoin's decentralized finance ecosystem. Net deposits continue to climb and now sit above the 27.5 million mark. FIL, the native token of Filecoin, has been on a tear, gaining 30% in the past seven days. Source: fvm.starboard.ventures - Omkar Godbole Trending Posts England's Law Commission Seeks Views on Draft Legislation to Label Crypto as Property South Korea’s Most Populated Province Traces and Collects $4.6M From Crypto Tax Evaders Vitalik Buterin Floats Idea of AI-Based Code Audits, Ethereum Project Developers Back Him Up

3 days ago
Crypto
ETH,BNB,SOL
Chiliz(CHZ)

$0.10

-1.04%

Market Cap
898.29m
 

-1.04%

Volume (24h)
50.13m
 

-19.92%

Released on 01 Jul 2019
Coinpedia
Coinpedia
followers

The post Top AI Crypto Coins to Keep a Close Watch During this Bull Cycle appeared first on Coinpedia Fintech News The rise of Nvidia to a trillion-dollar company has inspired the rise of most AI-focused crypto projects. The AI-focused crypto projects are expected to play a huge role in the confirmed bull cycle similar to DeFi’s rise in the last cycle. The AI-crypto projects have already surpassed $18.4 billion in market cap and are projected to scale further in the coming months. On Wednesday, Nvidia Corp. (NASDAQ: NVDA) reported its fourth quarter and fiscal 2024 financial results. According to the financial statements, Nvidia reported a revenue of $22.1 billion during the fourth quarter, thus reaching $60 billion for the full year. The rise of Nvidia to a $1.72 trillion tech company in less than two years has significantly inspired the rise of artificial intelligence (AI) focused web3 startups.  Moreover, there are unlimited applications of AI in the web3 sector including derivatives trading.  AI-Crypto Boom  In every crypto bull cycle, new narratives have emerged to fuel the parabolic rallies. During the 2021 crypto bull cycle, the emergence of decentralized financial (DeFi) tokens thrived following the ICO narrative in the 2017 bull cycle. With the rise of Bitcoin above $50,000 having confirmed the much-awaited bull cycle, discussions of the next narrative have escalated.  Undeniably, the AI-crypto focused projects are expected to perform very well in this bull cycle. Moreover, more institutional investors have focused on AI-based crypto projects to diversify their portfolios. Top AI Coins to Keep an Eye On With the increased rise in interest in #AI and #BigData in #crypto, we have a new watchlist to allow you to keep tabs on this rising sector. Among top price risers over the past week, $AGI (+182%), $ALI(+138%), and $AGIX (+122%) have stood out.Link: https://t.co/puA9j5dvLg pic.twitter.com/Nsdi86dvhQ — Santiment (@santimentfeed) February 22, 2024 The AI-focused crypto projects currently have a market capitalization of about $18.4 billion and an average daily trading volume of around $3.47 billion. As a result, the AI-focused crypto projects are well positioned to register more gains during the coming months amid the mainstream adoption of web3 protocols and digital assets. SingularityNET (AGIX) SingularityNET (AGIX)  is a blockchain-powered platform that allows anybody to easily create, share, and monetize AI services, with the help of its globally-accessible AI marketplace. As a result, the AGIX has registered notable adoption in recent months. According to the latest market data, AGIX price has added more than 35 percent in the past 24 hours to trade around 71 cents on Thursday.  The mid-cap altcoin, with a fully diluted valuation of about $985 million, is on the cusp of setting a new ATH if the bullish momentum continues. Artificial Liquid Intelligence (ALI) The Artificial Liquid Intelligence (ALI) token, a utility-based ERC-20 asset on the AI Protocol, has also shown early signs of bullish breakout potential. According to the latest market data, ALI tokens gained more than 25 percent in the past 24 hours to trade around $0.058 on Thursday. Delysium (AGI) Delysium (AGI) is a highly liquid small-cap and AI-focused crypto project that has registered notable gains in the recent past. In the past 30 days, AGI price has rallied more than 266 percent to trade around 18 cents on Thursday.

3 days ago
金十数据APP
金十数据APP
followers

Russia has never been so flush with cash, thanks in part to India snapping up huge chunks of Russian crude last year. A new report shared with CNN by the Center for Research on Energy and Clean Air (CREA) shows that Russian Federation revenue surged to a record $320 billion in 2023, driven in part by India's huge demand for cheap Russian oil. The report stated that India purchased US$37 billion worth of crude oil from Russia last year, approximately 13 times what it purchased from Russia before the conflict between Russia and Ukraine. India has been a large customer of Russian crude since Russia began its military campaign in Ukraine. After being hit by Western sanctions, Moscow offered deep discounts to allies such as India and China, luring these countries to buy Russian crude oil in large quantities. The two countries have replaced most of Russia's Western customers, with Russia shifting almost all its oil shipments to China and India, a senior official said last year. In particular, according to analysis by S&P Global, Russian crude oil will account for 35% of India's crude oil purchases in 2023. India is one of the world's largest oil refiners and is known to process Russian crude oil before exporting it to Western countries. CREA analysis found that from December 2022 to the end of 2023, despite Western countries banning the import of Russian crude oil at the end of 2022, India may have exported about $1.3 billion worth of Russian crude oil products to the United States through this method. The think tank

4 days ago
CoinDesk
CoinDesk
followers

Giant chipmaker Nvidia (NVDA) beat its already lofty fourth-quarter earnings expectations, boosting the broader equity markets and artificial intelligence (AI) - related tokens. Nvidia said on Wednesday that its fourth-quarter earnings per share were $5.16, beating the average analyst estimate of $4.59 per share, according to FactSet data. The chipmaker also posted revenue of $22.1 billion, which came in higher than Wall Street's expectation of $20.4 billion. The company also forecast first-quarter revenue of $24 billion, beating analysts' estimate of $22.2 billion. Read more: Nvidia's Hotly Anticipated Earnings May 'Trigger' Bitcoin and Crypto Correction, Analyst Says “Accelerated computing and generative AI have hit the tipping point. Demand is surging worldwide across companies, industries and nations,” said Jensen Huang, founder and CEO of NVIDIA. AI-related crypto tokens such as OCEAN, RNDR and FET also rose on the news of Nvidia's big beat. The beat comes as shares of the maker of chips that have fueled the artificial intelligence (AI) revolution surged more than 200% over the last year, taking the market cap of the company to nearly $1.7 trillion at one point, topping the value of tech giants Amazon and Google. The rally has been so hot that Goldman Sachs even called it "the most important stock on planet earth." The shares of the chipmaker rose nearly 7% in post-market trading on Wednesday, while S&P 500 futures gained slightly and bitcoin {{BTC}} was down 1.8%.

4 days ago

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