tl;dr
A report by asset manager Bitwise suggests that the intersection of artificial intelligence (AI) and crypto could contribute a combined $20 trillion to the global economy by 2030. The report highlights that bitcoin miners possess the resources needed by AI firms, and predicts an increasing intersect...
A report by asset manager Bitwise suggests that the intersection of artificial intelligence (AI) and crypto could contribute a combined $20 trillion to the global economy by 2030. The report highlights that bitcoin miners possess the resources needed by AI firms, and predicts an increasing intersection between AI and crypto in areas such as information validation and virtual assistants. Additionally, the report notes significant investment in data centers and infrastructure by cloud companies to meet the growing demand from AI companies. Furthermore, it mentions recent partnerships and initiatives between crypto miners and AI-related services.
- AI and crypto combined could add a total of $20 trillion to the global economy by 2030, the report said. - Bitwise notes that bitcoin miners have all the resources that AI firms need. - Crypto and AI have the potential to intersect in other areas other than mining such as information validation and virtual assistants.
Artificial intelligence (AI) and crypto could add a combined $20 trillion to the global economy by 2030, asset manager Bitwise said in a report on Wednesday. “The intersection of AI and crypto is going to be even bigger than people imagine,” senior crypto research analyst Juan Leon wrote, adding that the “two industries could add a collective $20 trillion to global gross domestic product (GDP) by 2030.”
“The race for AI supremacy is creating an unprecedented shortage of data centers, AI chips, and access to electricity,” Leon said, noting that the four largest cloud companies are predicted to spend about $200 billion on data center build-outs in 2025, mainly to service growing demand from AI companies.
Bitcoin (BTC) miners have all the resources that AI firms need, including powerful chips, hi-tech cooling systems and accompanying infrastructure, the report said, and CoreWeave’s takeover offer last week for miner Core Scientific (CORZ) is evidence of this demand. Core Scientific also announced the largest miner/AI partnership to date, with a $3.5 billion deal to host CoreWeaves’s AI related services. Bitwise notes that Hut 8 (HUT), Iris Energy (IREN) and other miners have also announced AI-hosting initiatives this year.
Crypto and AI have the potential to intersect in other areas other than just bitcoin mining and these include information validation and virtual assistants, the report added. Read more: Bitcoin Miners With Attractive Power Contracts Are Potential M&A Targets, JPMorgan Says
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Stock Market Analysis: C3 Ai Inc (C3)
C3 Ai Inc (C3) operates in the Technology, Services-Prepackaged Software sector with a market cap of 3.87 billion. The stock has shown a -2.34% change in price, closing at 29.35.
The Relative Strength Index (RSI) stands at 2.602, indicating a neutral position. The stock is currently below the 200-day moving average of -0.901.
The trading volume for C3 was 310,582,000, with a beta of 0.196.
Overall, C3 Ai Inc's stock is showing signs of potential stability with neutral RSI and a position below the 200-day moving average. However, the negative price change should be considered in the context of the overall market trend.
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Stock: Core Scientific Inc. Common Stock
Description: Core Scientific, Inc. provides blockchain and artificial intelligence (AI) infrastructure services in the United States. The company is headquartered in Austin, Texas.
Sector: Technology
Industry: Services-Computer Processing & Data Preparation
Market Cap: 542,047,000
Dividend Yield: None
EPS: 1.323
P/E Ratio: -0.491
Volume: 502,400,000
Current Price: 6.75
52-week High: 0
52-week Low: 0.171
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Stock Analysis: Hut 8 Corp. Common Stock Summary of Technical Analysis
Hut 8 Corp. Common Stock
Sector: FINANCE
Industry: FINANCE SERVICES
Volume: 157,304,000
Current Price: $15.11
52-Week Range: $5.56 - $15.11
Support Level: $2.307
Resistance Level: $2.499
Change: -0.79
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Stock Market Analysis: Iris Energy Ltd Stock Market Analysis: Iris Energy Ltd
Sector: TECHNOLOGY, SERVICES-COMPUTER PROCESSING & DATA PREPARATION
Revenue: 1810312000
Profit Margin: -0.06
Earnings per Share (EPS): 2.179
Return on Equity (ROE): -0.0532
Volume: 165535000
Dividend Yield: 12
P/E Ratio: 0
Market Cap: 3.798