Nvidia CEO Says Crypto Doesn’t Add Value to Society, But AI Does: Report
Chief Technology Officer (CTO) of American chipmaker Nvidia, Michael Kagan, is skeptical of crypto’s benefits to society, according to a report.
Comparing the use of Nvidia’s graphics to mine crypto assets versus powering artificial general intelligence like ChatGPT, The Guardian quotes Kagan as saying that the former has no benefit to society while the latter does.
“All this crypto stuff, it needed parallel processing, and [Nvidia] is the best, so people just programmed it to use for this purpose. They bought a lot of stuff and then it eventually collapsed because it doesn’t bring anything useful to society. AI does it.
With ChatGPT, everyone can now create their own machine, their own program; you just tell it what to do and it will do it. And if it doesn’t work the way you want, you tell it “I want something else”.
As for crypto mining driving demand for Nvidia’s graphics cards, Kagan told The Guardian,
“I never thought so [crypto] is something that will do something good for humanity. You know, people do crazy things, but they buy your stuff and you sell it. But you don’t redirect the company to support whatever it is.”
Last May, the US Securities and Exchange Commission (SEC) announced that it had settled charges against Nvidia over the chipmaker’s failure to disclose the significant revenue it had generated from crypto mining in the 2018 financial year.
The SEC announced the settlement and accused Nvidia of underreporting the revenue generated from crypto mining, while attributing the significant increase in sales to games.
Nvidia settled with the SEC for $5.5 million, according to a report from The Verge.
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