Artificial Intelligence-focused cryptocurrencies — and stocks — will be in the spotlight next week as Nvidia publishes its quarterly results after the closing bell on Wednesday, Aug. 28. 

Ahead of the event, Akash Network (AKT) has risen by 10% in the past seven days. Similarly, Bittensor (TAO), Render Token (RNDR), and Artificial Superintelligence Alliance (FET) have both jumped by over 30% in this period.

According to CoinGecko, the market cap of all AI tokens rose by over 13.7% on Aug. 24 while the trading volume rose to $1.7 billion.

These gains came on the heels of Federal Reserve’s Jerome Powell recent speech where he hinted that interest rates will be cut in September. 

Nvidia’s stock has surged by over 161% this year, giving it a market cap of over $3.1 trillion, making it the third-biggest company in the world.

Its results will likely provide a glimpse at whether AI demand is rising. In its first-quarter results, the company’s revenues jumped by over 240% to over $26 billion. Analysts expect its revenue to grow to $28.6 billion in the second quarter. 

Strong revenues and forward guidance bodes well for the industry, which will lead to higher prices for associated assets.

Results that come below estimates could lead to a sharp reversal.

Akash Network and Render are aligned with Nvidia’s business because they are at the intersection of blockchain and the semiconductor industry. They both offer distributed GPU rendering solutions on the blockchain network. 

For example, data on Akash Network’s website shows that one can hire Nvidia’s H100 GPU for less than $1 an hour, an affordable price for a product that sells for over $30,000. 

Bittensor has a similar distributed model in that it offers a platform that decentralizes the process of creating machine intelligence solutions.

Its token has risen by 106% from its lowest point in August. The other top AI tokens to watch as Nvidia publishes its earnings are AIOZ Network (AIOZ), Arkham (ARKM), The Graph (GRT), and Internet Computer (ICP)

Fetch.ai, a blockchain-based platform democratizing access to the artificial intelligence space, has launched a new innovation lab in San Francisco.

The Artificial Superintelligence Alliance member announced the Fetch.ai (FET) Innovation Lab on Aug. 23, noting that the hub will catalyze the development of AI agent solutions.

As part of its effort to advance its presence across the industry, Fetch.ai has disclosed an annual budget of $10 million to fund projects leveraging its tech stack to build AI agents.

Fetch.ai eyes real-world AI applications

Humayun Sheikh, the chief executive officer of Fetch.ai, stated that the San Francisco-based hub will seek to support projects that bring real-world AI applications to users. Benefitting startups will receive funding and expert mentorship among other support.

“Our mission is to unite world-class institutions, research teams, and businesses in a collaborative environment that not only nurtures innovation but also accelerates the development of impactful, AI-driven solutions,”

Humayun Sheikh.

In addition to the startup accelerator initiative, Fetch.ai has outlined an ambassador innovator club and internship incubator program. The hub’s activities will include technical workshops and hackathons, with attendees benefiting from experts across academia, research, and real-world solutions.

The quest for artificial superintelligence

Fetch.ai’s launch of the AI hub comes as the company’s effort to transform the Artificial General Intelligence space gathers pace. This follows the unveiling of the Artificial Superintelligence Alliance in a merger with SingularityNET and Ocean Protocol.

AGI targets the transformational application of AI to tackle everyday human issues—such as climate change, healthcare, and education. The merger of FET, AGIX, and OCEAN into ASI is one of the steps toward this mission.

SingularityNET has earmarked $53 million for the development of hardware designed to bolster AGI development. Meanwhile, Fetch.ai recently revealed a $100 million investment commitment towards the deployment of Nvidia GPUs to boost developers.