Nvidia, a US chip company, stands at the heart of the Artificial Intelligence (AI) industry, having developed powerful processors that aid the training of AI systems. Rather than focusing on the cryptocurrency community, Nvidia’s CTO, Michael Kagan, has recently come out to speak against the lack of tangible contribution that the industry brings to society. Kagan believes that using processing power for the development of chatbots and AI is more valuable than for mining cryptocurrencies.
Kagan’s comments come as Nvidia CEO, Jensen Huang, declared the company as the engine of the “iPhone Moment of AI,” referring to the drastic changes AI can bring to different industries. His suggested “generative AI” is expected to revolutionize many industries, emphasizing the tangible and positive impacts it can bring.
Michael Kagan is the Chief Technology Officer at Nvidia and the co-founder of Mellanox Technologies, which is a multinational supplier of computer networking products based on InfiniBand and Ethernet technology. Before been acquired by Nvidia, Kagan founded Mellanox and played a significant role in leading the company towards success. He supports Nvidia’s decision to limit the use of its graphics cards for the mining of Ethereum in 2021, affirming the limited value provided by cryptocurrency mining activities.
Kagan compared the cryptocurrency industry to high frequency trading which he believes led to a lot of business for Mellanox. He stated that it was never his belief that cryptocurrencies would benefit humanity, instead, referring to them as “crazy things” that people buy, and companies sell to consumers.
The message is clear; despite the potential for a large audience and revenue in the cryptocurrency industry, the tech company Nvidia has shifted its focus towards driving AI innovation. Under the direction of Kagan and Huang, Nvidia is predicted to remain a leader in the tech industry yet its commitment to supporting technologies fosters tangible benefits to society will be its defining characteristic.
