Nvidia’s Mining Boosts Market Value by $277 Billion
Nvidia, the crypto mining company, has added $277 billion in market value, making it the largest ever gain in a single day.
“Nvidia $NVDA adds $277 billion in market value today, the biggest single-day gain in history.”
Despite this achievement not being from cryptocurrency mining, it seems to come from the company’s contribution to the growing Artificial Intelligence (AI) sector.
Nvidia is leading and most important in developing chips for AI technology, with its graphics processors being essential as servers for these AI models.
In the fourth quarter of 2023, Nvidia recorded revenue of $22.1 billion, an increase of almost 250%. Since 2022, Nvidia’s shares have exceeded a market cap value of over $1.7 trillion.
Nvidia Stocks Soar Due to AI, Not Mining
The shares of Nvidia Corp (NVDA) surged +16.4% to close at $785.38 on Thursday. Over the last month, NVDA has increased by +31.15%, and over the last year by +226%.
Operators exchanged Nvidia shares for a value of $65 billion on Thursday, equivalent to almost one fifth of all trades of S&P 500 stocks.
This milestone does not depend on cryptocurrency mining but is due to Nvidia’s production of graphics cards for computers and chips for Artificial Intelligence.
Nvidia is now the third most valuable company in the US stock market, surpassing Google and Amazon and trailing only Apple and Microsoft.
Version 0.4 RTX Remix: The AI Tool Suite for Gaming
In January 2024, Nvidia released version 0.4 of RTX Remix, an AI tool suite available in open beta for gaming enthusiasts.
The new modding platform aims to add new gameplay features and improve graphic textures for games using DirectX 8 and 9 technologies.
The updated DXVK implementation in RTX Remix aims to solve issues related to capture, geometry corruption, stability, and more.
This release reflects Nvidia’s commitment to being an innovator and leader in the chip and graphics card industry while shifting attention away from speculative Bitcoin mining.
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