Nvidia changed the dynamics of the market. [NVDA] Microsoft has been taken over [MSFT] As the most valuable company. This chipmaker’s market value grew by $3.34 trillion after a surge of 3.6% in their stocks. Microsoft was valued at $3.32 billion. This latest increase is due to the increased demand for Microsoft’s chips, which are used heavily in the AI industry. Bitcoin was expected to suffer from this spike. [BTC].
Peter Schiff, an influential critic of cryptocurrency markets pointed out that the graphics processor unit is the key to the market. [GPU] It contained some gold. However, it didn’t contain any sats. It was to demonstrate Bitcoin’s limited utility. Schiff went on to mock Bitcoin, pointing out that BTC requires GPU mining and gold. He added,
“Bitcoin needs gold. Gold does not need Bitcoin. Nothing needs Bitcoin.”
Bitcoin was at this point trading for $65,348.61 after a daily decline of 0.15%. The market had just recovered from recent losses, so this sudden drop was shocking.
Also Read: Nvidia Surpasses Microsoft as World’s Most Valuable Company
What Is the Role of Gold in GPU Microchips
GPU chips are made from gold and other metals. Other elements include tin, tungsten and others. These metals are primarily used because they have good conductive properties. The chemical properties of the old metal have been useful for chips despite its cost.
Nvidia’s growth in the last year means that the company doesn’t have to be concerned about using gold. In the past year, Nvidia’s stock price rose more than 170%. Nvidia also took just 96 short days to increase its market value from $2 billion to $3 trillion. Microsoft took 945 days and Apple 1,044 to reach the same market cap.
Also Read: Apple Stock Nears ATH: Will It Retake NVIDIA In Market Cap?
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Source: watcher.guru