Sunday, May 11, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

Is Nvidia’s Surge A Bane for Bitcoin?

Simon Osuji by Simon Osuji
June 19, 2024
in Business
0
Is Nvidia’s Surge A Bane for Bitcoin?
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

The market saw a major change in dynamics as Nvidia [NVDA] took over Microsoft [MSFT] as the most valuable firm. The chipmaker recorded a 3.6% surge in its stocks which pushed its market cap to $3.34 trillion. Microsoft’s market value was at $3.32 trillion. The latest rise comes from the increasing demand for its chips that are heavily being used in the AI sector. But this significant spike was believed to be bearish for Bitcoin [BTC].

#Nvidia is now the world’s most valuable company, with a market cap of $3.34 trillion, exceeding the GDP of all but 5 countries. Soon only the U.S. & China will have GDPs greater than $NVDA‘s market cap. Each NVDA GPU contains from .1 to .3 grams of #gold. They contain zero Sats.

— Peter Schiff (@PeterSchiff) June 18, 2024

Peter Schiff, a prominent critic of the cryptocurrency market pointed out how the graphics processing unit [GPU] that was produced by Nvidia had some gold in it. But it did not contain sats. The comparison was meant to highlight Bitcoin’s shortage of utility. Schiff further took a dig at Bitcoin and noted how BTC needs GPU mining which needs gold. He added,

“Bitcoin needs gold. Gold does not need Bitcoin. Nothing needs Bitcoin.”

Bitcoin around this time was trading at $65,348.61 following a daily drop of 0.15%. This downfall was surprising as the rest of the market was recovering from a recent hit.

Also Read: Nvidia Surpasses Microsoft as World’s Most Valuable Company

How Important is Gold in GPU Microchips?

GPU microchips include gold in addition to many other metals. This includes tungsten, tin, and other elements. The main reason these metals are used is because of their conductive qualities. Despite its high cost, the chemical characteristics of old have proven to be useful in chips.

Source

Considering the growth rate of Nvidia in the past year, the firm doesn’t need to worry about employing gold. The company’s shares rose by over 170% throughout the year. In addition, the market cap of Nvidia took a mere 96 days to go from $2 trillion to $3 trillion. Other giants like Microsoft and Apple took 945 and 1,044 days respectively.

Also Read: Apple Stock Nears ATH: Will It Retake NVIDIA In Market Cap?

Related posts

Is $0.60 Next for DOGE?

Is $0.60 Next for DOGE?

May 11, 2025
Top 10 African countries leading electric vehicle adoption

Top 10 African countries leading electric vehicle adoption

May 10, 2025

Source link

Previous Post

Turkey Sends Syrian Mercenaries to Niger

Next Post

Snap introduces advanced AI for next-level augmented reality

Next Post
Snap introduces advanced AI for next-level augmented reality

Snap introduces advanced AI for next-level augmented reality

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

Why Analysts Expect SOL to Reach $270 in 2024

Why Analysts Expect SOL to Reach $270 in 2024

11 months ago
Massive opportunity for Grangemouth cluster when refinery shuts, says minister

Massive opportunity for Grangemouth cluster when refinery shuts, says minister

8 months ago
How TikTok Is Changing Stage Design

How TikTok Is Changing Stage Design

2 years ago
Apple WWDC: iPhone, iPad Changes, Apple Intelligence, iOS 18

Apple WWDC: iPhone, iPad Changes, Apple Intelligence, iOS 18

11 months ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Matthew Slater, son of Jackson State great, happy to see HBCUs back at the forefront

    0 shares
    Share 0 Tweet 0
  • Dolly Varden Focuses on Adding Ounces the Remainder of 2023

    0 shares
    Share 0 Tweet 0
  • US Dollar Might Fall To 96-97 Range in March 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.