Nvidia Surpasses Tesla in Trades as AI Pumps Revenue by 265%
Tesla passed the most traded stock baton to Nvidia on the Wall Street. For the last month’s trading session, the stocks of GPU inventing firms recorded the highest trading volume in the United States.
As per a Cointelegraph report, Nvidia reported a 265% year-on-year increase in profits on account of its AI services. The 4th quarter results of Nvidia reveal $22.1 billion in revenues for the 4th quarter.
The number increased by 22 percent from the 3rd quarter and 265% in comparison to last year. Jensen Huang, the founder and CEO of Nvidia linked that sales revenue increase to a visible rise in global demand for generative AI. The firm formerly on the front lines of semiconductor manufacturing currently reports a market cap of $1.67 trillion. A Reuters report indicates that for the last 30 days around $30 billion of Nvidia stock.
On this account, Tesla CEO Elon Musk also talked about investing around $500 million to purchase AI equipment from Nvidia in 2024. The EV manufacturing firm has also made plans to purchase AI supplies from another major GPU firm called AMD.
Nvidia introduced the RTX series in September 2018 which was a generative AI platform for game and software developers. For the 3rd quarter of 2023, the platform generated revenue of $18.1 billion with a market cap of $1.2 trillion.
Use of AI in Nvidia Products
Yann LeCun, the head of AI research at Meta, talked about the market lead of Nvidia in terms of AI products in 2023. He stated that the firm is wagging an AI war and CEO Jensen is supplying weapons in the technology battleground.
Meanwhile, LeCun also talked about the use of text-based programs to train generative AI projects. However, he retained that text is not a very reliable source of information.
Therefore, companies are opting to train AI programs with 20,000 years of manuscripts. Regardless, AI models are still unable to distinguish between different types of data crossovers. Meta has also announced a strategy to combat the misuse of generative AI prior to the European Parliament Elections in June 2024. The head of EU affairs at Meta, Marco Pancini posted on 25th February that the platform is working on establishing community and advertisement standards.
On this account, AI-generated content will be subjected to review and go through a rating process by independent fact-checking workers. In case of any issues, the screening team can flag the content as altered, fake, manipulated, or changed into other forms of media to recognize plagiarism. The platform had mandated to labeling of all the photorealistic images created with Meta’s AI tools.
Google Finalizes an AI Training Deal with Reddit
Reddit a social media platform has now signed an agreement with Google for consulting on AI projects. Reddit will lend the native data application programming interface to Google as part of this deal. This API facilitates content from Reddit in real time.
In this manner, various Reddit communities that are called sub-reddits appear in SERPs as featured snippets on relevant topics.
On the other side, Reddit will use Google’s Vertex AI which is designed to enhance search results. Reddit has retained that the deal with Google is not going to impact data API. The platform will continue to maintain restrictions of open access for individual and commercial developers. A Bloomberg report recently disclosed that Reddit has made a $60 million training agreement with an unnamed AI firm.
Performance of AI Tokens
Since last year, various AI tokens have gained considerable momentum. Some of the top AI token gainers for the duration include Render (RNDR), an Ethereum-based decentralized GPU image rendering service. RNDR token gained 18.2% during the last 7 days as per CoinMarketCap.
Other major AI token earners are Near, Tao, GRT, Theta, AKT, Rose, FET, etc. The recent boost in Nvidia is a visible indication of an AI takeover with stocks of various AI-backed firms also recording new ATHs including Taiwanese TSMC, Dutch ASML, and American Symbotic Inc. etc.
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