Chatgpt Surpasses Crypto in Utility, According to Nvidia Tech Chief
Nvidia Tech Chief Prefers Chatbots Over Crypto Mining
In contrast to Nvidia’s significant sales in the cryptocurrency mining industry, the company’s top executive claimed that digital coins have no practical use. According to Nvidia’s Chief Technology Officer Michael Kagan, AI applications such as the Chatgpt chatbot, which was trained on a supercomputer made up of about 10,000 GPUs from Nvidia, are more valuable than mining cryptocurrencies.
Kagan explained that the company’s decision two years ago to limit the ability to use its GPUs to mint Ether was necessary to ensure sufficient supply for Nvidia’s preferred customers, such as gamers and AI researchers. He said the limited value of using the potent processors to extract digital currencies justified this decision.
Nvidia’s GPUs have many other uses beyond crypto mining, such as AI applications, and the company is a significant supplier of AI hardware and software. Microsoft recently purchased tens of thousands of Nvidia’s AI-focused GPUs for Openai, the developer of Chatgpt. Nvidia also sold 20,000 units of its successor, the H100 chip, to Amazon for its cloud service, AWS, and another 16,000 to Oracle.
During Nvidia’s annual conference last week, CEO Jensen Huang predicted that Nvidia-powered “generative AI” would “reinvent nearly every industry.” While crypto and AI compete for resources like those provided by Nvidia, they are likely to cross paths more often in the future. U.S. crypto exchange Coinbase recently tested Chatgpt as a tool for pre-listing risk assessment of tokens and said the results were promising.