Nvidia Expects Lower Crypto Mining Revenue, Cites ‘Deteriorating Macroeconomic Conditions’ In China (cryptoglobe.com)
Nvidia updated forecasts with a press release this week.
The projected financial figures are based on Nvidia’s revenue generated from its two main areas of focus, which include datacenters and the gaming industry.
Nvidia’s financial report further noted that China’s “Deteriorating macroeconomic conditions” have led to lower demand for the company’s gaming GPUs.
Huang, an electrical engineering graduate from Stanford University, explained that Nvidia has “Excellent strategic investments” in the “Gaming, design, HPC, AI and autonomous vehicles” markets.
Towards the end of 2018, Nvidia share prices fell by 54% which notably made it the worst performer out of all S&P 500 company stocks.
“On December 24th, 2018, Schall Law, a US-based shareholder rights litigation firm, filed a class action lawsuit against Nvidia. The law firm has alleged that Nvidia violated securities laws as it”made false and misleading statements to the market.
The Company claimed to be “Masters at managing our channel, and we understand the channel very well.” NVIDIA also claimed to the market that any drop off in demand for its GPUs amongst cryptocurrency miners would not negatively impact the Company’s business because of strong demand for GPUs from the gaming market.
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Related story: The Bitcoin Sell-Off Is Back, With Ethereum And Ripple’s XRP Bleeding Hard-Here’s Why (forbes.com)
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CN [too long; didn’t read]
Summarised crypto news.