Web3 Diaries – Nvidia Enters $1 Trillion Club
Computer chip manufacturer Nvidia briefly joined the exclusive club of companies with a $1 trillion market capitalization as market demand for artificial intelligence (AI) tech reached a crescendo. Remember, the tech company revealed plans to release more AI products. It recently unveiled a new AI supercomputer platform called DGX GH200.
Meanwhile, Nvidia hit the milestone on May 30 in the United States morning trading hours, with shares in the computer chip and graphics card manufacturer hitting a daily high of over $418. It settled the day at just over $401 and the firm currently has a market cap of $992 million.
In the United States, there are only four companies that have a valuation of more than $1 trillion: Apple, Microsoft, Amazon and Alphabet, Google’s parent company.
Nvidia has seen a year-to-date gain of over 180% due to soaring demand for graphics processing units (GPUs) that power generative AI tools.
Texas House Committee Halts Bill That Would Limit Miner’s Participation
A Texas state bill that would have limited bitcoin miners’ participation in cost-saving grid programs has not moved past a committee in the state House of Representatives, meaning its progress has been halted.
Bill SB 1751 passed through the state Senate unanimously in April. It would have limited bitcoin miners’ participation in demand response programs – under which they get paid in credits to turn off their operations when the power grid sees a surge of demand – to 10% and abolish tax abatements for the industry.
Texas is one of the biggest mining hubs in the world, thanks to favorable regulation and cheap energy.
Hong Kong And UAE Central Banks Collab On Crypto Rules, Fintech Development
Hong Kong and the United Arab Emirates’ (UAE) central banks are looking to collaborate on cryptocurrency regulations and financial technology development.
On May 30, the Hong Kong Monetary Authority (HKMA) said it met with its counterparts at the Central Bank of the United Arab Emirates (CBUAE), with the two agreeing to “strengthen cooperation” on “virtual asset regulations and developments.”
The two central banks also pledged to facilitate discussions on “joint fintech development initiatives and knowledge-sharing efforts” with each region’s respective innovation hubs.
Financial infrastructure and financial market connectivity between the two jurisdictions were also noted as key points discussed.
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