Tech5: Bitcoin surges past $81,000, Nvidia's Jensen Huang sees 'AI employees' everywhere, and more

Forbes India's daily tech news bulletin with five headlines that caught our attention

By Harichandan Arakali Forbes India Staff

Published: Nov 11, 2024 10:16:16 AM IST

Updated: Nov 11, 2024 10:23:43 AM IST

The largest crypto token has jumped nearly 20 percent since November 5, the day after the US presidential elections Image: Shutterstock

Bitcoin crosses $81,000, enthusiasts see end to crypto winter

Bitcoin surged past the $80,000 mark on Sunday, for the first time, and went on to rise beyond $81,500 on Monday as crypto enthusiasts worldwide saw a brighter future for the token after the historic win as US President-elect of Donald Trump, an outspoken supporter of digital assets.

The largest crypto token has jumped nearly 20 percent since November 5, the day after the US presidential elections, as it became clear that Americans had handed a decisive victory to Trump, who has even vowed to create a strategic US stockpile of bitcoin. Helped by crypto-focussed exchange-traded funds in the US, bitcoin has almost doubled in value this year so far.

Crossing the $80,000 mark gave bitcoin a market capitalisation of $1.5 trillion. “This underscores bitcoin's resilience and appeal as a hedge against traditional market volatility,” says Sumit Gupta, co-founder of CoinDCX, a crypto investment platform in India. “Should regulatory frameworks become more favourable, we could see even broader institutional adoption, potentially marking the end of the crypto winter.”

Nvidia’s Jensen Huang: ‘AI employees’ will be commonplace in the future

Nvidia co-founder and CEO Jensen Huang is convinced that ‘AI employees’ will become a reality, working alongside human employees in businesses and various organisations, in an interview with the podcast No Priors that was published on November 7. Huang has become one of the most recognised faces of AI with Nvidia becoming the dominant supplier in the semiconductor chips that power the accelerated computing that large language models rely on.

“There’s no question we’re gonna have AI employees of all kinds,” Huang said. “Our outlook will be some biologics and some AI intelligence, and we’ll prompt them in the same way, isn’t that right? Mostly I prompt my employees, provide them context… they go and recruit other team members… how’s that going to be any different with digital and AI employees of all kinds?”

We can expect to find AI marketers, chip designers, supply chain specialists and a host of other digital workers, he said.

US orders TSMC to halt shipment of advanced chips to China: Reuters

Meanwhile, the US has ordered Taiwan Semiconductor Manufacturing Co (TSMC), which makes Nvidia’s AI chips, to halt shipments of advanced chips to Chinese customers starting November 11, Reuters reported exclusively on November 10, citing sources.

The export restrictions affect chips with designs of 7 nanometres or more, commonly used in AI and GPU applications. This move follows the recent discovery of a TSMC chip in an AI processor made by Chinese telecom and smartphone giant Huawei, raising concerns over potential violations of US export controls.

TSMC has notified clients of the suspension, which also impacts Chinese companies like Sophgo, according to Reuters. The US Commerce Department’s action, using an “informed letter”, bypasses lengthy regulatory processes, highlighting growing US concerns over technology transfers to China.

Semiconductor chip technology has become one of the most strategic areas of their rivalry as America seeks to curtail China’s influence on the world stage while their economies are very much intertwined.

India may update EV policy to attract Tesla: ET

Prime Minister Narendra Modi’s government is planning a second workshop later in November for companies interested in importing premium electric cars under the concessional tariff scheme launched in March, Economic Times reported on November 10.

The initiative, aimed at promoting electric vehicle (EV) manufacturing, had initially raised hopes for Tesla’s entry into the Indian market but has seen limited industry interest so far.

The scheme allows reduced import duties for electric cars but requires companies to invest at least $500 million over five years and meet a 50 percent domestic value addition requirement. While global automakers such as Tesla, Hyundai and BMW participated in earlier consultations, only a few companies have shown interest in the scheme, according to ET.

The government’s push follows recent discussions with industry players, including Tesla's advisor, as the country seeks to boost EV manufacturing.

Prosus leads $10 million funding at ID verification tech startup Equal

Equal, a Hyderabad-based startup focussed on identity verification and financial data-sharing, has raised $10 million in Series A funding at a post-money valuation of $80 million, TechCrunch reported on November 10.

The round was led by Prosus Ventures, with participation from Tomales Bay Capital, Blume Ventures, DST Global and others. Founded by Keshav Reddy and Rajeev Ranjan, Equal streamlines KYC, fraud prevention and regulatory compliance by integrating over 50 identity databases and APIs.

The company has also acquired an undisclosed stake in OneMoney, an account aggregator, to combine its identity services with consent-based financial data sharing, according to TechCrunch. Equal has secured more than 350 customers, including major firms like SBI, HDFC Bank, Reliance Jio, and Uber. The funding will support its expansion and product development.

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