Adobe, IBM, Nvidia and five other companies have joined the initiative, unveiled in July, aimed at preventing the misuse of AI’s capabilities for harmful purposes.
Meta is building AI model to rival OpenAI’s most powerful system
Meta is reportedly in the process of building a new, more powerful and open-source AI model to rival the most powerful systems of its rival OpenAI.
The Relationship Between Bitcoin and Interest Rates Is Breaking Down: Arthur Hayes
The steepest Fed rate hike cycle in decades should have killed bitcoin and other risk assets, but a new relationship between the two are forming, Hayes argued in a Tuesday keynote at the ongoing Korea Blockchain Week.
US regulators deny blocking AI chip exports to Middle East
The U.S. Department of Commerce denied blocking AI chip sales to the Middle East and remained silent about whether the requirements were only imposed on specific countries.
US officials extend export curbs on Nvidia AI chip to ‘some Middle Eastern countries’
U.S. regulators have told AI chip maker Nvidia and its rival AMD to curb exports of high-level semiconductor chips used to develop AI to certain Middle Eastern countries.
Iris Energy buys 248 Nvidia GPUs worth $10M for generative AI & Bitcoin mining
Iris Energy has invested $10 million in the latest generation Nvidia GPUs to explore generative AI while it continues to focus on Bitcoin mining.
Why Nvidia’s 20% Rise Ignited Rally In Crypto AI Tokens
Crypto tokens with Artificial Intelligence (AI) applications have outperformed other assets as chipmaker Nvidia reached an all-time high. The legacy company’s stock price saw important gains as its bet on the AI sector paid off.
As of this writing, crypto market tracker Coingecko data records double-digit gains for AI-based cryptocurrencies. Render (RNDR) and Akash Network performed best in the last 24 hours and the previous week, respectively, with the former recording a 6% profit and a 10% gain.
Nvidia Fuels AI Crypto Rally, But It’s the Trend Sustainable?
According to a report from Sarson Funds, the correlation between crypto AI tokens and Nvidia is “strong.” The chipmaker has spearheaded the AI trend in the legacy financial sector and sparked interest in this technology.
As a result, and under current market conditions, AI crypto tokens are moving with Nvidia’s (NVDA) stock price. Sarson Funds stated the following regarding NVDA’s rally and its impact on the crypto sector:
AI-powered cryptocurrencies are reacting positively to Nvidia’s stellar Q2 earnings! The connection between #crypto and AI is stronger than ever as Nvidia ($NVDA) exceeds estimates with $13.51B in sales and $2.70 EPS, outperforming predictions. Notably, Render Network +8%, Singularity NET +9.9%, & Fetch +8.7% upon the announcement.
In that sense, the fate of crypto tokens is highly linked to NVDA’s future performance. The stock’s gains were tied to better-than-expected results in its quarterly report and are likely to continue in the coming months.
According to the company’s recent report, AI chip sales will only accelerate, boosting Nvidia’s revenue and potentially spilling into the crypto sector. In addition, other tech giants are jumping on the AI fever, reinforcing the thesis that the new technology will unlock further gains.
Nvidia’s CFO Colette Kress told investors this regarding their expectations for the coming months:
There is tremendous demand for Nvidia accelerated computing and AI platforms. Our supply partners have been exceptional in ramping capacity to support our needs. We expect supply to increase each quarter through next year. By geography, data center growth was strongest in the U.S. as customers direct their capital investments to AI and accelerated computing.
In the meantime, crypto traders might use NVDA’s as a proxy for AI crypto tokens performance. If the forecasts are accurate, NVDA will likely double its current stock price by the end of the year; how will crypto AI tokens stand by then?
Cover image from Unsplash, chart from Tradingview
AI-Related Tokens Hold Gains After Nvidia’s Big Beat Solidifies Bullish Outlook
The tokens such as FET, GRT, AGIX rose/fell tktk
UK to spend $130M on AI chips amid scramble to buy up computing power
The chips will be used to set up an AI resource as a recent report said 20% of firms can’t get enough computing power for AI.
Nvidia drops new AI chip expected to cut development costs
Nvidia, the current market leader for semiconductor chips, revealed its latest chip designed to run large-scale AI systems.
AI chip developer gets $100 million from Samsung and Hyundai
The AI chip developing company Tenstorrent just closed a funding round worth $100 million, which was led by manufacturing giants Samsung and Hyundai.
Applied Digital Stock Surges 12% After Announcing Its Third AI Deal
Applied Digital will be deploying HPE’s Cray XD supercomputers in its AI cloud service.
US considers tightening restrictions on AI chip exports
Officials in the U.S. are considering restricting the level of computing power on chips to lessen the flow of AI chips available in the Chinese market.
AI Crypto Tokens Lose Steam as Post-Nvidia Earnings Hype Wears Off
Render (RNDR) token has risen as a “unique case,” said an analyst.
Crypto Biz: Six months on from FTX, Tether mines BTC, and Nvidia’s AI superchips
This week’s Crypto Biz also looks at the crypto industry after FTX collapse, Tether’s Bitcoin mining in Latin America, Tabi’s funding round and Nvidia’s artificial intelligence machines.
AI demand briefly catapults Nvidia into $1 trillion club
Nvidia share prices have more than tripled since October last year as demand for AI tech surges.
Nvidia introduces AI supercomputer to create ChatGPT successors
The company behind the world’s most powerful chip for developing AI tools revealed more AI-powered products including an AI supercomputer platform.
Nvidia’s Blockbuster Outlook Reminds Bitcoin Miners to Give AI a Look
Bitcoin miners might find non-mining AI applications too tantalizing to pass up.
Nvidia AI chip value skyrockets amid AI development boom
The chip developer released its second-quarter revenue forecast, which was 50% higher than market estimates, followed by a 28% increase in company shares.
Bitcoin’s in a bear market, but there are plenty of good reasons to keep investing
Higher volatility, equity offerings and resistance to regulatory sanctions are just a few reasons why investors should keep an eye on BTC.