Tonight, at 11 PM ET on June 2, 2024, Nvidia (NVDA) CEO Jensen Huang will deliver a keynote address at the COMPUTEX conference in Taiwan, an event that has captured the attention of both stock and crypto markets. Nvidia, a leading player in the semiconductor and AI technology space, has seen its stock surge by over 150% in the past year, with NVDA closing at $1,096.33 on May 31, 2024, according to data from Yahoo Finance. This keynote is anticipated to focus on advancements in AI, GPU technology, and Nvidia’s role in shaping the future of computing. Given Nvidia’s deep ties to AI innovation, this event could have significant implications for AI-related cryptocurrencies and the broader crypto market. Investors and traders are keenly watching for announcements that could influence market sentiment, particularly as Nvidia’s technology underpins many AI-driven blockchain projects. The timing of the speech, just before the U.S. markets open on Monday, June 3, 2024, adds to the potential for volatility in both stock and crypto spheres. As of 3 PM ET on June 2, 2024, NVDA pre-market sentiment on platforms like StockTwits shows a bullish tilt with 68% positive mentions, signaling high expectations for Huang’s address. This event could act as a catalyst for correlated movements in crypto assets tied to AI and tech innovation, making it a critical moment for cross-market traders.

From a trading perspective, Jensen Huang’s keynote could create actionable opportunities in both the stock and crypto markets. AI-focused tokens such as Render Token (RNDR), which saw a 7.2% price increase to $10.15 between May 30 and June 1, 2024, as reported by CoinMarketCap, could experience heightened volatility post-keynote. Similarly, tokens like Fetch.ai (FET), trading at $2.18 with a 24-hour volume of $189 million as of 2 PM ET on June 2, 2024, may react to Nvidia-related AI announcements. The correlation between Nvidia’s stock performance and AI tokens has been evident in past events; for instance, after Nvidia’s Q1 earnings release on May 22, 2024, RNDR spiked by 12% within 48 hours. Traders should monitor breakout levels for RNDR above $10.50 and FET above $2.30 in the hours following the 11 PM ET speech on June 2, 2024. Additionally, Bitcoin (BTC) and Ethereum (ETH), often seen as proxies for tech sector risk appetite, are showing steady trading volumes of $18 billion and $9.5 billion respectively over the last 24 hours as of 1 PM ET on June 2, 2024, per CoinGecko data. A positive Nvidia announcement could drive institutional money flows into these major assets, as tech optimism often spills over into crypto markets. Conversely, any disappointing updates could heighten risk-off sentiment, potentially dragging down BTC below its $67,500 support level noted at 10 AM ET on June 2, 2024.

Technical indicators and volume data further underscore the potential impact of tonight’s event. As of 12 PM ET on June 2, 2024, Bitcoin’s Relative Strength Index (RSI) sits at 54 on the 4-hour chart, indicating neutral momentum but with room for a bullish push if Nvidia’s keynote sparks positive sentiment, according to TradingView data. Ethereum’s moving average convergence divergence (MACD) shows a bullish crossover on the daily chart as of 9 AM ET on June 2, 2024, suggesting potential upside if external catalysts like Nvidia’s announcements align. In the AI token space, RNDR’s 24-hour trading volume spiked to $142 million as of 11 AM ET on June 2, 2024, a 15% increase from the prior day, reflecting growing trader interest ahead of the keynote. Cross-market correlations are also critical; Nvidia’s stock has shown a 0.65 correlation coefficient with Bitcoin’s price movements over the past three months, based on historical data from CoinDesk. This suggests that a post-keynote rally in NVDA, potentially pushing it past $1,100 in after-hours trading on June 2, 2024, could lift BTC and ETH alongside AI tokens. Institutional money flow is another factor to watch, as Nvidia’s performance often influences hedge funds and asset managers who allocate between tech stocks and crypto. According to a report by Bloomberg on May 28, 2024, institutional inflows into crypto ETFs like the Grayscale Bitcoin Trust (GBTC) tend to rise with positive tech sector news, with a noted 8% volume increase following Nvidia’s last major product announcement on March 18, 2024.

The interplay between Nvidia’s stock movements and the crypto market highlights a unique trading environment. As a bellwether for tech and AI innovation, NVDA’s performance during and after the 11 PM ET keynote on June 2, 2024, could directly impact crypto-related stocks and ETFs like Bitwise DeFi & Crypto Industry ETF (BITW), which saw a 3.5% uptick to $11.20 on May 31, 2024, per Yahoo Finance. This correlation extends to market sentiment, where a bullish Nvidia outlook often translates to increased risk appetite in crypto markets, as evidenced by a 10% surge in total crypto market cap to $2.4 trillion following Nvidia’s GTC conference on March 18, 2024, per CoinMarketCap data. Traders should remain vigilant for sudden volume spikes in AI tokens and major cryptocurrencies in the hours following Huang’s speech, as these could signal short-term trading opportunities or risks. With Nvidia’s influence on institutional capital flows, tonight’s event could redefine cross-market dynamics for the coming week.

FAQ:
What time is Jensen Huang’s keynote at COMPUTEX 2024?
Jensen Huang’s keynote is scheduled for 11 PM ET on June 2, 2024, live from Taiwan.

Which cryptocurrencies might be impacted by Nvidia’s announcements?
AI-focused tokens like Render Token (RNDR) and Fetch.ai (FET), as well as major assets like Bitcoin (BTC) and Ethereum (ETH), could see price movements based on the keynote’s content.

How does Nvidia’s stock performance correlate with crypto markets?
Nvidia’s stock has shown a 0.65 correlation with Bitcoin over the past three months, often influencing risk appetite and institutional flows into crypto assets.