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Nvidia’s stellar Q3 financial report delivered a positive shock to the tech and crypto markets, allaying much of the concern about an AI bubble.
With revenue of $57 billion (62 percent year-over-year growth) and profit of $31.9 billion (65 percent growth), the company far exceeded Wall Street’s forecasts, showing that AI fever is still at its peak.
Earlier, selling pressure had intensified in tech stocks and cryptocurrencies as investors waited to see if Nvidia’s performance could restore lost confidence. As a result, the publication of these results caused a significant jump in the stock and crypto market.
In the cryptocurrency market, Bitcoin, which had fallen below $89,000, recovered to $93,000 after Nvidia’s report.
Ethereum also returned above $3,000 after touching the $2,870 range.
This data shows that the crypto market is again feeling signs of returning confidence and easing selling pressure after a week of stagnation.
Cointelegraph
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