AI Onslaught! Nvidia's Strong Outlook Report, Will the Cryptocurrency Mining Industry See New Opportunities?

Since the launch of ChatGPT, the market has been centered around AI topics. Nvidia (stock code NVDA), a leading producer of graphics processing units (GPUs), saw its stock surge by 24.37% on Wednesday after releasing a strong outlook report that exceeded expectations. The stock has risen by over 155% year-to-date.

Another Opportunity for Bitcoin Miners?

In November last year, cryptocurrency mining company Applied Digital Corporation, stock code: APLD, announced its name change from Applied Blockchain, Inc. to Applied Digital Corporation to emphasize its increasingly diversified business. At that time, its Chairman and CEO Wes Cummins stated:

The name change is to better reflect our focus and to host a variety of key applications for the next wave of high-performance computing solutions. We will continue to provide solutions for our cryptocurrency mining clients while also diversifying our customer base and providing more high-performance computing use cases for our next-generation data centers.

The company also indicated that it is expanding its service offerings to include artificial intelligence, machine learning, non-real-time graphics rendering, natural language processing, and more applications that require powerful computing capabilities. The profit margin for miners in artificial intelligence is expected to be higher than in mining—at least until the Bitcoin price experiences another bull market.

However, according to a report from CoinDesk, Ethan Vera, CEO of mining services company Luxor, stated that high-performance computing such as artificial intelligence and cloud applications "requires a different level of infrastructure buildout." Companies need to hire engineers to design their websites in different ways.

Understanding that transitioning from mining to AI is not without risks: Crypto market hits hard, some shift to AI artificial intelligence

Cryptocurrencies related to artificial intelligence, including SingularityNET AGIX, which rose by about 13% on Thursday, and Render RNDR, which rose by 5%, ranked first and third in CoinMarketCap's 24-hour gain percentage.

About the AI concept token AGIX: What is SingularityNET AGIX, the AI concept cryptocurrency that continues to trend in AI?

RNDR specializing in image rendering: RNDR, the metaverse concept token, has tripled in value since the beginning of the year, and Beeple has also joined as an advisor.