NVDA, AMD Boomed Thanks To Crypto Mining, But What Happened After Ethereum's Big Move From Proof-Of-Work? One Stock Was A Clear Winner
Portfolio Pulse from Mehab Qureshi
Semiconductor companies NVIDIA Corp (NVDA) and Advanced Micro Devices Inc (AMD) saw their stock prices rise due to the boom in cryptocurrencies. However, after Ethereum's switch from Proof-of-Work to Proof-of-Stake, the need for GPUs in crypto mining decreased. Despite this, the AI industry's upswing since 2023 has kept the demand for GPUs high. Comparing the performance of NVDA and AMD after Ethereum's switch, NVDA's stock price increased by 215.61% while AMD's rose by 28.49%.
November 01, 2023 | 12:20 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
AMD's stock price rose by 28.49% after Ethereum's switch from Proof-of-Work to Proof-of-Stake.
Despite the decrease in demand for GPUs in crypto mining due to Ethereum's switch, the rise in the AI industry has kept the demand for GPUs high, benefiting AMD.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100
POSITIVE IMPACT
NVDA's stock price increased by 215.61% after Ethereum's switch from Proof-of-Work to Proof-of-Stake.
Despite the decrease in demand for GPUs in crypto mining due to Ethereum's switch, the rise in the AI industry has kept the demand for GPUs high, benefiting NVDA.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100