Nvidia’s GPUs to power cryptocurrencies, IoT devices and fully automated cars

Graphics chip makers, including AMD and Nvidia, are well placed to cater to the growing demand for smart devices, including fully automated cars.

On Thursday, Jensen Huang, the CEO of Nvidia Corp said it sees artificial intelligence enabling fully automated cars to hit the consumer market within the next four years.

A prominent brand in the gaming industry Nvidia is known for designing graphics-processing chips and in recent year it has expanded it has expanded onto newer turfs, including chips for self-driving vehicles, high-performance computing and artificial intelligence.

It has been richly rewards for its strategy, with its share price shooting up by a whopping 170% in the last 1 year, as a result its market value has shot up to $116 billion.

“It will take no more than 4 years to have fully autonomous cars on the road. How long it takes for the vast majority of cars on the road to become that, it really just depends,” said Huang at a media event in Taipei.

Global tech firms, including, Alphabet, Apple Amazon, Facebook, and China’s Huawei are channeling in big money into developing artificial intelligence-powered products and services, in their search for new growth areas.

“There are many tasks in companies that can be automated… the productivity of society will go up,” said Nvidia’s Huang.

With many consumers teeming into generating cryptocurrencies, GPU makers, such as Nividia and Advanced Micro Devices Inc have enjoyed skyrocketing sales.

“Revenue for us in crypto is over $100 million a quarter. For us, it’s a small percentage… It’s obviously not a target market,” said Huang.

Cryptocurrencies are digital currencies that use encryption techniques for security and can be traded. Miners use computers to process cryptocurrency transactions, and they are rewarded with additional cryptocurrency.

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