Nvidia is a leading technology company creating products ranging from the most advanced gaming GPUs, to the most advanced AI processors. Founded in 1993, Nvidia has become widely known and respected in the industry of gaming and related hardware. This success has led to the development of the CMP chip optimized for Ethereum mining. Despite this, Nvidia’s Chief Technology Officer, Michael Kagan, has recently expressed a negative view on cryptocurrencies, saying that they do not bring anything useful for society. He argued that AI applications such as ChatGPT are more valuable than mining crypto.
Kagan also made it clear that he does not believe in blockchain technology, saying that it would not “do something good for humanity.” His stance can be seen as a result of Nvidia’s May 2022 settlement with the SEC for failing to inform investors that many of its GPUs were being used for mining Ethereum, causing revenue to plummet after The Merge. Despite the previous positive outlook from Nvidia’s CEO Jensen Huang in 2017, Nvidia have since distanced themselves from the crypto industry, opting to focus on AI research and gaming.
Michael Kagan is the Chief Technology Officer of Nvidia, where he has helped to shape the company’s strategy and investments in various technology projects. Kagan holds several degrees including an undergraduate degree in computer science from Moscow State University and a master’s degree in computer science from Hebrew University in Jerusalem. Working as a research scientist, Kagan has extensive experience in AI development, machine learning, and deep learning before joining Nvidia. His recent stance against cryptocurrencies reiterates Nvidia’s focus on AI and gaming, rather than crypto.
