Alex Ossola

Circle, the issuer of the world's second largest stablecoin, said today its fourth quarter profit jumped as crypto investors continued to flock to its stablecoin.

Its total revenue also surged 77 percent to $770 million in spite of the meltdown in crypto prices at the end of last year.

Vicky Guihuang covers cryptocurrency for the journal and is here to break it down.

Vicky, why are the biggest stablecoins doing well when other cryptocurrencies like Bitcoin have tanked?

Circle went public in June last year, and it had this big stock market debut.

But since then, shares have fallen almost 70%.

Today, though, its stock rose 35%.

Is this a sign of a turnaround potentially for its stock price?

That was WSJ reporter Vicky Gehuang.

Thanks, Vicky.

U.S.

stocks rose today.

AI-related names and software stocks continued to bounce back from Monday's sell-off.

Nvidia stock gained 1.4% ahead of its earnings after the close, which helped push the Nasdaq 1.3% higher on the day.

The S&P 500 and the Dow were up less than 1%.

And reporting after the bell...

NVIDIA reported record sales and income in the January quarter, helping ease concerns over a possible artificial intelligence bubble that have rippled through markets in recent months.

The chip giant reported fourth quarter net income of $43 billion, up 35% from the year earlier quarter, on sales of $68.1 billion, up 20% from a year earlier, easily beating analyst estimates.

Paramount's streaming revenue grew in the fourth quarter, but the company reported weakness in its TV media segment.

The company reported revenue of $8.15 billion for its fourth quarter, in line with analyst estimates.