NVIDIA reports positive earnings, but AI tokens take a nosedive

The chipmaker reported $44.1 billion in revenue for the first quarter of fiscal 2026, up 69% from a year ago, with a record $39.1 billion coming from its data center business.

“Global demand for NVIDIA’s AI infrastructure is incredibly strong,” said CEO Jensen Huang, adding that “AI inference token generation has surged tenfold in just one year.” He called NVIDIA’s new Blackwell NVL72 supercomputer a “thinking machine” and described AI as “essential infrastructure — just like electricity and the internet.”

Still, that AI hype isn’t translating to token prices.

FET, the native asset of the recently formed Artificial Superintelligence Alliance, dropped 4.2% in the last 24 hours to $0.86. GRT, powering The Graph’s AI indexing layer, is also down 5.8%, trading at just over 10 cents. KAITO, one of the AI search darlings of early 2024, slipped 5.9% to $2.18 despite a week of product announcements. GRASS, which gained traction for decentralizing access to AI training data, also slid nearly 6% to $2.16.

Why the disconnect?

While NVIDIA’s success shows there’s real enterprise demand for AI infrastructure, most onchain AI projects are still struggling with adoption, utility, and token economics.

NVIDIA, meanwhile, is already shipping new Blackwell chips, opening AI factories with partners like Foxconn and Saudi Arabia’s HUMAIN, and powering everything from OpenAI clusters to humanoid robots. It even noted in the earnings release that “countries around the world are recognizing AI as essential infrastructure.”

NVIDIA reports positive earnings, but AI tokens take a nosedive first appeared on TheStreet on May 28, 2025

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