Crypto Offers No Real Value To Society Like AI – NVIDIA CTO
With the rapid emergence of artificial intelligence (AI), there have been increasing debates about its importance in solving real-life social problems than cryptocurrency. However, NVIDIA’S chief technology officer (CTO), Michael Kagan, believes that AI innovations like ChatGPT offers more benefits than crypto mining.
AI Over Cryptocurrency?
The US-based chip manufacturing giant NVIDIA believes the crypto sector brings nothing as valuable to society as AI. Despite being known to produce and sell powerful processors to the crypto industry, the company’s CTO, Michael Kagan, noted that applying AI-powered processors like ChatGPT offers real-world benefits than mining digital assets.
The CTO’s latest remark highlights the chip maker’s frosty relationship with the crypto ecosystem, which observers noted has never been rosy. NVIDIA launched a graphics card in 2021 after programming a tool incompatible with mining Ethereum.
Nevertheless, the company aims to ensure the token supply goes to its targeted customers, AI researchers, and blockchain gamers. In a recent interview, the CTO justified the decision of NVIDIA to limit Ethereum mining, stating that this was because of the limited value in using processing power to mine crypto.
Kagan commended AI applications like ChatGPT, whose popularity is rapidly gaining traction as the top chatbot of the moment. ChatGPT is reportedly using 10,000 NVIDIA graphics cards for its initial tests.
According to Kagan, crypto mining requires parallel processors, and because NVIDIA’s is the best, users decided to program it to mine cryptocurrency. He added that people use crypto for many transactions, but it will collapse sooner or later because it adds no real value to society compared to AI.
Regarding ChatGPT, the CTO stated that developers could use AI to create things, program them and train them on what to do, and it will do it.
Ties With Crypto?
Kagan believes that crypto is more or less a high-frequency transaction which his firm, Mellanox, has benefitted from before its eventual acquisition by NVIDIA. He noted that his former company was heavily involved in crypto trading, with people from Wall Street buying digital financial products as a protection against the bank’s several issues.
Nevertheless, Kagan stated that he never believed crypto had something important to offer humanity. Well known to be the world’s leading producer of heavy-duty graphics cards for PC gamers, it is no surprise that NVIDIA’s products are becoming high in demand at the peak of the AI boom.
A few days ago, Microsoft announced its acquisition of tens of thousands of AI-based processors, notably the A100 GPU, to boost OpenAI’s workload. In addition, NVIDIA has reportedly sold 20,000 H100s to Amazon for its cloud computing platform, along with 16,000 of the same chips to Oracle.
The AI revolution has continued to raise the demands for NVIDIA’s powerful processors from some of the world’s leading tech firms. Hence, it is no wonder its CEO, Jensen Huang, referred to the company as the backbone of “the iPhone moment of AI.”
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