Connected newsletter: Nvidia hits $3tn valuation as Intel sells stake in Irish facility

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EDITOR'S NOTE

It was a big week for tech on a number of fronts with Nvidia leapfrogging Apple to become the second most valuable company in the world, and Intel selling a stake in Fab 34, its Irish facility.

Shares in Nvidia have rallied roughly 147 per cent this year, adding about $1.8 trillion as the insatiable demand for its AI chips continues. The company hit a $3 trillion valuation on Wednesday, placing it only behind Microsoft in terms of its worth. The last time Nvidia was valued more highly than Apple was in 2002, when both companies were both worth less than $10 billion.

Intel has agreed to sell a 49 per cent stake in its Fab 34 plant to Apollo Global Management for $11 billion. Want to understand why it has done this? Here’s my analysis.

Still with Intel and its chief executive Pat Gelsinger this week took a direct shot at Nvidia CEO Jensen Huang’s claim that traditional processors like Intel’s are running out of steam in the age of AI.

Confirmation that the Central Bank of Ireland is to establish an innovation sandbox programme that allows fintechs to trial products in a safe environment, has been well received. Plans for a sandbox were first revealed by Derville Rowland, the deputy governor, in an interview with the Business Post last November.

TikTok has been referred to Comisiún Na Meán after it approved targeted disinformation ads relating to the EU elections in Ireland which were planted by an international campaign group.

More than 800,000 jobs in Ireland are at risk from rapidly advancing AI, according to unpublished government research, with accountants, computer technicians and lab workers particularly vulnerable.

Tech layoffs continue with concerns that Microsoft is preparing to cut up to 1,500 jobs at its Azure cloud business.

Alex Theuma, the co-founder and chief executive of SaaStock, which holds an annual tech event in Dublin, has announced the first close of a new $10 million fund for his new VC firm, Backfuture Ventures. The VC has already backed one Irish start-up and is aiming to invest in many more.

Dublin Tech Summit, which recently held its annual conference at the RDS, has been put up for sale, with its organiser hoping to cash in on the well-received gathering.

In our weekly update, we are giving you the lowdown on the best tech jobs currently available locally. If you want to be included, then email [email protected]

In other news:

• OpenAI and Google employees want to speak out on ‘Serious risks’ of AI

• MoveAhead secures €1.5 million in seed funding

• Humane suffers setback as AI Pin charger deemed a fire risk

• Irish consumers against AI-generated financial advice

Send on your news and views to [email protected]

All the best,

Charlie

Quote of the Week

‘“"If I could rewind time to have had BackFuture in place I would have loved to invest in the likes of Tines, Learnupon and Workvivo. Given they are beyond seed stage, I’m on the lookout for the next wave”