Nvidia says crypto ‘doesn’t add anything useful to society’ as it focuses on artificial intelligence

• Nvidia says crypto hasn’t produced anything useful for the world as it focuses on AI.

• Crypto miners feverishly bought GPUs from Nvidia amid the crypto boom, but those companies collapsed.

• “They bought a lot of stuff and then it fell apart because it’s not bringing anything useful to society,” Nvidia’s CTO said.

Nvidia look beyond crypto like it focuses on artificial intelligenceaccording a recent interview with Michael Kagan, CTO of Nvidia.

Crypto miners feverishly bought GPUs from Nvidia during the crypto boom of 2020 and 2021, helping fuel strong growth in Nvidia’s underlying business.

But that business has since fizzled out amid the continued collapse of cryptocurrency prices, which made it less profitable for miners to run their operations, leading to lower GPU sales to crypto mining companies.

Kagan was unsurprised by the crypto flop, telling The Guardian that there were no real-world usability cases yet from the crypto industry outside of speculation. risky assets.

“All this crypto stuff, it needed parallel processing, and [Nvidia] is the best, so people just programmed it to use it for that purpose. They bought a lot of things and then it collapsed because it doesn’t bring anything useful to society,” Kagan said.

It is not the case with artificial intelligence, which came to the fore after the release of ChatGPT. This chatbot was trained on a supercomputer made up of around 10,000 Nvidia graphics cards. And ChatGPT sees real use cases.

“With ChatGPT, anyone can now make their own machine, their own program, you just tell it what to do, and it will do it,” Kagan said.

Nvidia has taken a leap forward in the AI ​​space, with the company recently unveiling a cloud-based AI supercomputer that users can access from a browser on their desktop. The Nvidia DGX Cloud will be used by heavy cloud companies like Microsoft Azure platform and alphabetical Google Cloud, among others.

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And this company should more than fill the hole left by crypto miners who abandoned their business amid falling bitcoin and ethereum prices.

“I never believed that [crypto] is something that will do something good for mankind. You know, people do crazy things, but they buy your stuff, you sell them stuff. But you are not redirecting the company to support anything,” Kagan said.

Read the original article at Business Intern