Nvidia Up and Away 🆙
Nvidia Up and Away 🆙
GPU maker posts bumper results. Armstrong selling Coinbase shares. ECB still thinks fair value of Bitcoin is zero. Yuga Labs founder returns as CEO. 300 global experts take stand against Deepfakes.
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Nvidia reported its Q4 earnings on February 21, 2024, beating analysts' expectations on the top and bottom lines.
Earnings per share: $5.16 adjusted vs. $4.64 expected
Revenue: $22.10 billion vs. $20.62 billion expected
Nvidia stock is up 15%, from the last traded price on Feb 21.
Nvidia reports Q4 FY2024 earnings
Revenue: $7.64B (vs expected $7.42B).
Up 53% YoY.
Data centre segment sees 71% YoY growth ($3.25B vs est. $2.98B).
Gaming segment grows 61% YoY ($3.42B vs est. $3.25B).
Positive impact on technology stocks and AI tokens (e.g., AGI, FET, OCEAN).
Expected revenue for Q1 FY2025: $8.1 - $8.4B (+40% potential growth).
Continued investment in R&D focused on AI and self-driving cars.
Growing Demand from Artificial Intelligence
One industry driving the demand for NVIDIA is AI.
As more businesses adopt AI technologies, there is an increasing need for powerful computing resources like those offered by NVIDIA.
The company's GPUs have become essential tools for training complex machine learning models and powering high-performance applications.
Link Between NVIDIA and Cryptocurrency
NVIDIA GPUs play a crucial role in cryptocurrency mining due to their ability to perform parallel computations efficiently.
They are also used extensively within the AI ecosystem, including projects focused on blockchain and decentralised finance (DeFi).
For instance, SingularityNET ($AGI) uses NVIDIA hardware to train AI algorithms, making them reliant on each other.
Block That Quote 🎙️
ECB board members Ulrich Bindseil and Jürgen Schaaf.
'Fair Value of Bitcoin Is Still Zero,'
The European Central Bank (ECB) maintains that the "fair value" of Bitcoin is zero. This statement was made during a presentation by ECB board member Ulrich Bindseil and financial market analyst Jürgen Schaaf.
They based their assessment on the argument that cryptocurrencies lack fundamental value and are mainly used for speculative purposes.
Many experts and investors disagree with this viewpoint, attributing significant value to Bitcoin due to its decentralised nature, limited supply, and potential as a store of value.
Armstrong selling Coinbase for good
Coinbase CEO Brian Armstrong has been actively selling shares of Coinbase.
What do we know?
Fulfilling the Pledge: Armstrong sold approximately 790,000 Coinbase shares between November 2022 and November 2023, equating to 2% of his ownership stake as disclosed in Coinbase's prospectus from its April 2021 direct listing.
Revenue from Sales: These sales netted him nearly $53.2 million, with shares sold at an average of $67.37, per OpenInsider and Blockworks data.
Missed Gains: Had Armstrong held onto his shares, the 2% stake would be worth $129.5 million today, highlighting a $76 million difference due to the stock's appreciation to around $164.
Beyond the 2% Mark: After fulfilling his initial pledge, Armstrong didn't stop selling. He offloaded an additional 316,150 shares, nearing another 1% of his stake, for $44.6 million.
Future Sales Plan: A Coinbase quarterly report disclosed Armstrong's plan to sell up to 1.8 million shares within a year starting November 2023, potentially reducing his stake by nearly another 5%.
The disclosed sales are part of a broader pattern of insider trading at Coinbase, with Armstrong and other executives having provisions to sell significant portions of their shares.
Where’s ETF?🚨
the total net outflow of Bitcoin spot ETF on February 21 was US$35.66 million, the first single-day net outflow after 17 trading days of net inflows. Grayscale ETF GBTC saw a single-day net outflow of $199 million. BlackRock ETF IBIT saw single-day net inflows of $96.52 million👇
Yuga Labs founder returns as CEO
Greg "Garga" Solano, co-founder of Yuga Labs, announced his return as CEO, taking over from Daniel Alegre.
Here’s what you need to know
It's unclear if Alegre will remain within the company in a different capacity, as Yuga Labs has not provided further details.
Another key change: Yuga's recent acquisition of Proof, and plans to weave Moonbirds into the Otherside metaverse, have stirred mixed reactions.
BAYC LLC Subsidiary: Solano’s strategy includes granting more autonomy to the Bored Ape Yacht Club team by spinning it off into a separate entity, aiming for increased focus and agility.
The Market Reacts
BAYC Surge: A 13% increase in the price floor of BAYC underscores a renewed investor confidence following Solano's reappointment.
Mutant Ape Yacht Club (MAYC) Gains: MAYC isn't far behind, enjoying a 9% uplift in value.
Otherside Metaverse NFTs: These NFTs also recorded slight gains, further indicating a market endorsement of the recent changes.
Global experts against Deepfakes
Over 300 experts in AI, ethics, and child safety have come together to sign an open letter urging governments to take action against harmful deepfakes. They call for criminalising their creation and distribution, holding platforms accountable, and investing in detection methods.
Joy Buolamwini, founder of the Algorithmic Justice League and author of Unmasking AI.
“While no one is immune to algorithmic abuse, those already marginalised in society shoulder an even larger burden. 98% of non-consensual deepfakes are of women and girls. That is why it is up to all of us to speak out against harmful uses of AI.”
Over 300 professionals worldwide have signed an open letter demanding immediate governmental action against the spread of deepfakes.
Key Actions Proposed: The letter outlines crucial steps, including criminalising deepfake child pornography, imposing criminal penalties for harmful deepfake creation and distribution, and mandating software developers to prevent their tools from facilitating harmful deepfakes.
Andrew Critch, an AI researcher at the University of California, Berkeley in the Department of Electrical Engineering and Computer Science and lead author of the letter.
“Deepfakes are a huge threat to human society and are already causing growing harm to individuals, communities, and the functioning of democracy.”
The Surfer 🏄
A Montenegrin court has ruled to extradite Do Kwon, the co-founder of Terraform Labs, to the US, rejecting a request from South Korea.
Former Fidelity International Digital Assets Executive Luc Froehlich joins advisory board of Ethereum L2 Layer N.
Japanese blockchain company Oasys and South Korean internet giant Kakao's Web3 gaming division Metabora SG to support Metabora SG's expansion into the Japanese market.
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