Nvidia’s Record Q3 Earnings Lifts Crypto, Tech Stocks

Nvidia reported record quarterly revenues of $57 billion for Q3, a 62% increase from the previous year, surpassing Wall Street's expectations of $54.7 billion. Profits rose by 65% to $31.9 billion, and the company provided a strong Q4 guidance of $65 billion, bolstering confidence in the AI sector and alleviating fears of an AI bubble. Following the announcement, Nvidia's stock rose over 5% in after-hours trading, positively impacting the tech and crypto markets. Shares in companies like Coinbase and MicroStrategy also experienced increases. Despite Bitcoin's recent drop below $89,000, it rebounded to around $91,500 concurrent with Nvidia's earnings release. Ethereum followed a similar trajectory, recovering above $3,000 after dipping below $2,900, indicating a market recovery linked to Nvidia's strong financial performance, which has significantly influenced investor sentiment across the tech landscape.

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