Nvidia CEO Jensen Huang talks about the value of ethereum, advances in crypto mining and the global semiconductor shortage in a recent interview. Here are the 10 best quotes. | Currency News | Financial and Business News

• Nvidia CEO Jensen Huang spoke to a group of journalists at the Computex IT conference.
• He said ethereum will be valuable due to its scalability and credibility in areas including DeFi.
• He also spoke about Nvidia’s role in the future of crypto mining and said he believes a metaverse is imminent.
• See more stories on Insider’s business page.

Jensen Huang, the CEO of chip and graphics card producer Nvidia, recently spoke to a group of journalists at the IT expo Computex about his views on ethereum’s value, how Nvidia’s products fit into the crypto ecosystem and why he thinks we’re on the cusp of creating a metaverse in an interview published by VentureBeat.

Nvidia’s graphic processing units are top-level graphic cards that also have crypto mining capabilities. Huang, a big proponent of artificial intelligence, unveiled a lower resolution graphics card at the conference that has been designed specifically for crypto mining. He also addressed the global chip shortage, Nvidia’s role in it and whether he believes the Chinese government will interfere in the development of artificial intelligence.

Here are Huang’s ten best quotes from the interview, lightly edited and condensed for clarity.

1. “Am I excited about proof of stake? The answer’s yes….Ethereum has established itself. It has the opportunity now to implement a second generation that carries on from the platform approach and all of the services that are built on top of it. It’s legitimate. It’s established. There’s a lot of credibility. It works well. A lot of people depend on it for DeFi and other things. This is a great time for proof of stake to come.” – on the opportunities ethereum provides and the network’s value for blockchain and crypto.
2. “We reduced the performance of our GPU on purpose so that if you would like to buy a GPU for gaming, you can. If you’d like to buy a GPU for crypto mining, either you can buy the CMP version, or if you really would like to use the GeForce to do it, unfortunately the performance will be reduced.” – on how Nvidia is trying to decrease graphic card prices and why they developed CMP.
3. “We’ll just keep working with our supply chain to inform them about the changing world of IT, so that they can be better prepared for the demand that’s coming in the future. But I believe that the areas that we’re in, the markets that we’re in, because we have very specific reasons, will have rich demand for some time to come.” – on managing the ongoing global shortage of semiconductors.
4. “It’s now established that ethereum is going to be quite valuable. There’s a future where the processing of these transactions can be a lot faster, and because there are so many people built on top of it now, ethereum is going to be valuable. ” – on the outlook for the ethereum network based on its scalability.
5. “I believe we’re right on the cusp of it. […] There will be many types of metaverses, and video games are one of them, for example. […] We’ll see this overlay, a metaverse overlay if you will, into our physical world.” – on when and how a metaverse will become real.
6. “You need that blockchain to have some fundamental value, and that fundamental value could be mined. Cryptocurrency is going to be here to stay. Ethereum might not be as hot as it is now. In a year’s time, it may cool down some. But I think crypto mining is here to stay.” – on the future of crypto mining and blockchain networks.
7. “I believe that there will be a larger market, a larger industry, more designers and creators, designing digital things in virtual reality and metaverses than there will be designing things in the physical world. […] The economy in the metaverse, the economy of Omniverse, will be larger than the economy in the physical world. Digital currency, cryptocurrency, could be used in the world of metaverses.” – on his vision for the omniverse that Nvidia is developing.
8. “My sense is that we’re welcome in China and we’ll continue to work hard to deserve to be welcome in China, and every other country for that matter.” – on whether the Chinese government will step in and regulate Nvidia’s work on artificial intelligence.
9. “One of the most important technologies that we have to build, for several of them – in the case of consumers, one of the important technologies is AR, and it’s coming along.” – on the development and accessibility of augmented reality.
10. “This is the largest market opportunity the IT industry has ever seen. I can understand why it inspires so many competitors. We just need to continue to do our best work and run as fast as we can.” – on the future of the graphics processing unit industry and the competition within it.