• Akash Network price rose 6% to $1.48 at the time of writing and was 150% up in two weeks, outperforming other major cap cryptocurrencies.
• HSBC analyst Frank Lee reaffirmed a buy rating for Nvidia shares with a price target up from $600 to $780 due to expected boom in AI.
• Akash Network could benefit from this pivot as Nvidia’s chips powering AI gains traction, with native token AKT up more than 148% in past two weeks.
HSBC Hikes Nvidia Price Target
HSBC has hiked its price target for Nvidia shares, raising it from $600 to $780 based on strong demand and potential earnings growth driven by an expected boom in AI. This has led the company’s stock prices to pop more than 4%.
Impact on AI-Powered Cryptocurrencies
Analysts say that this outlook could be replicated across AI-powered crypto tokens, such as Akash Network which is a decentralised marketplace for cloud resources. The native token AKT is up more than 6% in the past 24 hours and 148% in the past two weeks to trade at $1.48. Other projects such as Render (RNDR), Fetch.ai (FET) and Cortex (CTXC) are also likely to see significant traction due to this increase in demand for artificial intelligence technology.
What is Akash Network?
Akash Network is a decentralized cloud computing platform aimed at allowing users worldwide access compute resources via blockchain technology without having to pay excessive fees or wait long periods of time for their requests to be processed. It utilizes smart contracts, token incentives system, distributed ledger technologies like Ethereum Blockchain and IPFS storage network protocols all integrated together into one platform making it easy for developers, companies or organizations who need reliable resources when seeking compute power solutions without compromising on security or cost efficiency being paid out repeatedly over time instead of upfront payments..
What Does This Mean For Investors?
This news suggests that there may be potential upside ahead for those investing in cryptocurrencies related to AI technology, particularly Akash Network whose native token is already performing well despite general market conditions. With increased demand driven by the use of artificial intelligence continuing into 2025, these tokens will likely continue being attractive investments going forward.
The news that HSBC has hiked its price target for Nvidia shares due to an expected boom in AI could have positive implications not only on the tech giant but also on cryptocurrencies related to artificial intelligence projects such as Akash Network which have already seen their values increase significantly over recent weeks – suggesting potential upside ahead if increased demand continues into 2025 and beyond!