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'Crypto hangover' hammers Nvidia's outlook, shares drop 17 percent

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'Crypto hangover' hammers Nvidia's outlook, shares drop 17 percent

Postby bmh67wa » Fri Nov 16, 2018 1:35 pm

Story :

(Reuters) - Chip designer Nvidia Corp (NVDA.O) on Thursday forecast disappointing sales for the holiday quarter, 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 percent in late trading to $168.32.

For decades, Nvidia has supplied gaming cards to boost computer graphics, but in recent years cryptocurrency miners adopted the company’s cards to turn bits into wealth.

Chief Executive Jensen Huang said prices for Nvidia’s gaming cards had risen with the cryptocurrency frenzy, driving some buyers away. As the frenzy receded and card prices came down, Nvidia expected sales volumes to grow again as buyers who were priced out came back.

The prices were only driven up because graphic card manufacturers got greedy. Maybe Nvidia learned something from this but I doubt it. Their new RTX 2080 Ti card is still around $1000 which is more than what most people pay for a new PC.

In the 60's, people took acid to make the world weird. Now the world is weird and people take Prozac to make it normal.

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