RATE Group | Nvidia shares slide 17% as cryptocurrency demand vanishes
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Nvidia shares slide 17% as cryptocurrency demand vanishes

16 Nov Nvidia shares slide 17% as cryptocurrency demand vanishes

Posted at 01:03h in Cryptocurrency News by

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Nvidia chief executive Jensen Huang said Nvidia gaming card prices had risen with the cryptocurrency frenzy and the high prices drove some buyers away. Photo: Reuters

Nvidia chief executive Jensen Huang said Nvidia gaming card prices had risen with the cryptocurrency frenzy and the high prices drove some buyers away. Photo: Reuters

Bengaluru/San Francisco: Chip designer Nvidia Corp on Thursday forecast sales for its fiscal fourth quarter well below Wall Street expectations, pinning the blame on unsold chips piling up with distributors and retailers after the evaporation of the cryptocurrency mining boom. The Santa Clara, California-based company also posted sales that missed expectations for its third quarter. Shares plunged nearly 17% in late trading.

Nvidia chief executive Jensen Huang said Nvidia gaming card prices had risen with cryptocurrency frenzy and the high prices drove some buyers away. As the frenzy receded and card prices came down, Nivida expected sales volumes to grow again as buyers who were priced out came back.

But that process was slower than Nvida expected, Huang said, saying he expects inventories to be at normal levels by the…

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