- Nvidia on Wednesday allayed concerns about an AI bubble.
- The $4.5 trillion chipmaker’s record sales flip market sentiment.
- Bitcoin ended its losing streak as ETF flows turned positive.
For now, Bitcoin is once again in the ascendancy.
The top cryptocurrency rose 5% to $93,000 on Thursday after Nvidia reported third-quarter revenue of $57 billion, missing Wall Street expectations.
In recent weeks, investors had grown concerned that the artificial intelligence bubble was poised to burst, but the $4.5 trillion chip maker’s defiant third-quarter profit upended the scenario.
Market watchers are currently seeing signs of Bitcoin recovering from its current slump.
“The shock from October still needs to wear off,” said Jordan Jefferson, an early Bitcoin builder and DogeOS founder. DL News. “However, Bitcoin’s fundamentals appear more mature and resilient than previous drawdowns.”
The reversal follows a painful month in which traders pulled $3 billion from ETFs and Bitcoin tumbled toward $88,000 as investors braced for an AI bubble-driven market correction.
“There’s been a lot of talk about the AI bubble,” Nvidia CEO Jensen Huang said during an earnings call. “From our perspective, we see something completely different.”
Huang flatly dismissed concerns about a bubble, saying NVIDIA is driving long-term structural changes across computing.
The US Spot Bitcoin ETF received $75 million in inflows on Wednesday, marking a five-day streak of outflows, according to data from DefiLlama.
Nvidia rejects bubble talk
Wall Street spent November looking for cracks in AI trading, and many top hedge funds reduced their exposure. However, NVIDIA’s report shattered those doubts.
Nvidia’s stock soared more than 5% in after-hours trading, sending Asian indexes sharply higher and pushing S&P 500 futures up 1% overnight.
Huang further emphasized his long-term bullish outlook, calling Nvidia’s next quarter “very good.” fox business Interview.
“We are now at the beginning of a very long-term build-out of humanity’s basic infrastructure of computing,” he said. “All computers installed around the world are modernized, and this increase will continue for years to come.”
The company reiterated its prediction that it expects to have $500 billion in AI chip reservations by 2026.
It’s a sign of confidence that the biggest enterprise buyers, from Amazon to Microsoft to Meta, are committing to multi-year AI infrastructure spending.
And for crypto traders, that matters. AI-driven tech stocks are increasingly serving as a barometer of liquidity and sentiment for all risk assets, including Bitcoin.
Virtual currency market movements
- Bitcoin is trading at $92,200, up 0.5% in the past 24 hours.
- Ethereum is trading at $3,030, down 2.1% in the past 24 hours.
what we are reading
Lance Datukoruo is DL News’ Europe-based market correspondent. Any tips? email address: lance@dlnews.com.
