Nvidia reported record quarterly revenue, easing fears of an AI-driven market bubble and lifting both tech and crypto stocks in after-hours trading.
Tech and cryptocurrency shares rose on Wednesday evening after Nvidia delivered stronger-than-expected third-quarter results, beating forecasts on both revenue and profit. The company posted $57 billion in revenue for the quarter ending October 26, up 62% from the same period last year and above Wall Street expectations of $54.7 billion.
Nvidia also reported $31.9 billion in profit, a 65% increase from last year, and issued a bullish revenue forecast of $65 billion for the fourth quarter. The strong guidance suggested demand for artificial intelligence hardware remains robust, despite recent concerns of an overheating market.
Worries about an AI bubble had weighed on tech stocks in recent weeks, triggering a broader sell-off in risk assets, including cryptocurrencies. As a result, the market had been closely watching Nvidia’s earnings as a key indicator for AI-related sectors.
Crypto and Tech Stocks React Positively
Shares of Nvidia (NVDA) jumped more than 5% in after-hours trading to $196, after closing the regular session at $186.52, up 2.85%.
The earnings beat also lifted crypto-related stocks. Companies such as Coinbase (COIN), MicroStrategy (MSTR), and Circle Internet Group (CRCL) all saw modest gains after-hours, recovering slightly from earlier losses.
Crypto exchange Bullish (BLSH) rose 1% in late trading, despite closing the session down 3.7%, even after reporting its strongest quarter since going public in August.
Major tech names also moved higher in after-hours trading. Apple, Microsoft, Alphabet, Amazon, and Meta all posted gains following Nvidia’s results.
Bitcoin Rebounds After Dropping Below $89,000
Bitcoin also benefited from the improved market sentiment. The cryptocurrency had fallen more than 10% over the past week during the broader market decline. On Wednesday, Bitcoin touched a 24-hour low of $88,540, its first dip below $89,000 since April.
It has since rebounded to around $91,500, aligning with Nvidia’s earnings release, though it remains down 0.6% over the past day, according to CoinGecko.
Ether saw a similar recovery. After falling to $2,873 on Wednesday—its lowest level since mid-July—it climbed back above $3,000, though it remains down 1.9% on the day.
