Is ChatGPT far more important than crypto? Nvidia CTO thinks so
- Nvidia CTO Michael Kagan has stated that crypto has no benefit to society.
- He also praised the impact of ChatGPT and its usefulness in various industries.
ChatGPT is an artificial intelligence chatbot developed by the AI company OpenAI. The platform has taken the world by storm for its ability to search extensive text on the internet, build a statistical model and come up with relevant content in response to a specific question. The successful acceptance by internet users has forced Michael Kagan, Chief Technology Officer of American chip maker Nvidia to question the utility of cryptocurrency for society. According to Kagan, crypto does not bring anything useful to society.
Nvidia is so never having embraced the crypto community despite selling a large amount of powerful processors to the sector. It can be recalled that the company released software in 2021, but it was artificially restricted from using its graphics card to mine Ethereum. This was meant to ensure that the supply is delivered to their preferred customers – AI researchers and players. In response, Kagan stated that the decision was due to the limited value of using its processing power to mine crypto.
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 provide 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. And if it doesn’t work the way you want, you tell it “I want something else”.
Kagan claims he never believed in crypto
The cryptocurrency industry has led to many businesses for Mellanox, the company founded by Kagan before it was acquired by Nvidia. Kagan admitted that he never believed in crypto, but its products are heavily protected by the industry.
We were also heavily involved in trade: people on Wall Street bought our stuff to save a few nanoseconds on the wire, the banks did crazy things like pull the fibers under the Hudson tight to make them a little bit shorter, to save a few nanoseconds between their data center and the stock exchange. I never believed that [crypto]is something that will do something good for humanity. You know, people do crazy things, but they buy your stuff, you sell it. But you don’t redirect the company to support whatever it is.
In 2019, Nvidia CEO Jensen Huang said at a press conference in Tel Aviv, Israel that crypto is in the past. Before that, the company had overshipped its graphics cards (GPUs) following the surge in crypto demand. However, the significant drop in crypto mining affected the company greatly as it had “too much product in the pipeline”.
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At its annual conference last year, Huang declared the company to be the driving force behind the “iPhone moment of AI.” According to him, its ‘generative AI’ could have an impact on all industries. Prior to this, Microsoft had purchased several of Nvidia’s AI-focused A100 GPUs from OpenAI.
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